Denmark is the latest country to lose status under the Qualifying Recognised Offshore Pension Scheme.
Denmark has hosted QROPS offshore pensions for expats since QROPS started in April 2006 but has finally closed the door on the last pension – the Laegernes Pension Medical Doctors Pension Fund.
The fund handles pensions for 90 per cent of Denmark’s doctors
Denmark follows Finland as the second country to lose QROPS status this year.
Meanwhile, in the past two weeks, 15 QROPS have opened, while 16 have been removed from the HM Revenue & Customs QROPS LIst.
HMRC QROPS List – By Country
| Country | No of QROPS |
| Australia | 1751 |
| Austria | 3 |
| Barbados | 1 |
| Belgium | 4 |
| Bulgaria | 2 |
| Canada | 6 |
| EU Institution | 1 |
| Germany | 5 |
| Gibraltar | 28 |
| Guernsey | 68 |
| Hong Kong | 12 |
| Iceland | 1 |
| India | 20 |
| Ireland | 51 |
| Isle of Man | 317 |
| Jersey | 90 |
| Kenya | 2 |
| Latvia | 4 |
| Luxembourg | 2 |
| Malta | 31 |
| Netherlands | 100 |
| New Zealand | 40 |
| Norway | 1 |
| Slovakia | 1 |
| Sweden | 2 |
| Switzerland | 2 |
| Grand Total | 2545 |
HMRC QROPS List – Top 10 Countries
Countries by number of QROPS listed offering the most QROPS
| Country | No of QROPS |
| Australia | 1751 |
| Austria | 3 |
| Barbados | 1 |
| Belgium | 4 |
| Bulgaria | 2 |
| Canada | 6 |
| EU Institution | 1 |
| Germany | 5 |
| Gibraltar | 28 |
| Guernsey | 68 |
| Grand Total | 2545 |
HMRC QROPS List – Changes
QROPS pensions added, amended, or removed in the latest list
| QROPS | Country | Added | Amended | Removed |
| Ann Barson Super Fund | Australia | x | ||
| Davies ROPS Fund | Australia | x | ||
| Donald Macdonald Super Fund | Australia | x | ||
| Flockhart Superannuation Fund | Australia | x | ||
| Jacqs Retirement Fund | Australia | x | ||
| Jones Family Super Fund | Australia | x | ||
| Leifer Nestegg Superannuation Fund | Australia | x | ||
| Liverpool Street SMSF | Australia | x | ||
| Lundie Family Super Fund | Australia | x | ||
| P & L Hartman Super Fund | Australia | x | ||
| Randolph Wolf Superfund | Australia | x | ||
| Stein Superannuation Fund | Australia | x | ||
| The Rap Super Fund | Australia | x | ||
| The Trustee for Cirrox | Australia | x | ||
| Burlingham Over 55 | Australia | x | ||
| J & C Palmer Superannuation Fund | Australia | x | ||
| JJ Hall Super Fund | Australia | x | ||
| Kelly Superannuation Fund | Australia | x | ||
| LYDC Superannuation Fund | Australia | x | ||
| Mereglen Superannuation Fund | Australia | x | ||
| Mickey Simmonds Super | Australia | x | ||
| NENAGH SMSF Superannuation Fund | Australia | x | ||
| Stephen Luke Super Fund | Australia | x | ||
| Laegernes Pension — Medical Doctors Pension Fund | Denmark | x | ||
| PW Retirement Annuity Trust | Guernsey | x | ||
| Brendan McGettrick Pension Trust | Ireland | x | ||
| Short Straw SIPP | Isle of Man | x | ||
| Gallagher NF Personal Pension Scheme | Isle of Man | x | ||
| Mammacass Personal Pension Scheme | Isle of Man | x | ||
| Nookery Hill Personal Pension Scheme | Isle of Man | x | ||
| GlaxoSmithKline B.V. by Zwitserleven (SRLEV N.V.) | Netherlands | x | ||
| Totals: | 15 | 0 | 16 | |
| QROPS listed May 15, 2023 | 2546 | |||
| Net change since May 15, 2023 | -1 | |||
| QROPS listed June 01, 2023 | 2545 | |||
| QROPS Jurisdictions | Added | Removed | ||
| Denmark | 0 | 1 | ||
| Totals: | 0 | 1 | ||
| Countries with QROPS listed June 01, 2023 | 27 | |||
| Net change since May 15, 2023 | -1 | |||
| Countries with QROPS listed June 01, 2023 | 26 | |||
| Next HMRC QROPS List due June 15, 2023 | ||||
QROPS List FAQ
The QROPS List is an invaluable free tool for advisers and retirement savers seeking an expat pension.
However, how to use the data is often misunderstood, so here are the answers to some of the most asked questions about QROPS expat pensions.
What is the QROPS List?
The HMRC list tells overseas pension providers and retirement savers transferring funds from a UK pension to a QROPS or between offshore pension providers which schemes qualify for QROPS status.
QROPS providers certify their schemes meet UK offshore pension and tax rules to go on the list, but HMRC warns this does not mean any are approved or sure to be QROPS.
So retirement savers should check the latest QROPS list before transferring any money.
QROPS Overseas Transfer Charge
The overseas transfer charge is 25 per cent of the transfer value of a fund moved into a QROPS or between QROPS.
For expats living inside the European Economic Area (EEA), countries offering QROPS that are not subject to the overseas transfer charge are:
- Austria
- Belgium
- Bulgaria
- Germany
- Iceland
- Ireland
- Latvia
- Luxembourg
- Malta
- The Netherlands
- Norway
- Slovakia
- Sweden
QROPS countries outside the EEA, expats are subject to the transfer charge if they do not live in the same country as the pension is administered – these are:
- Australia
- Barbados
- Canada
- Gibraltar
- Guernsey
- Hong Kong (China)
- India
- Isle of Man
- Jersey
- Kenya
- New Zealand
- Switzerland
Other exceptions to the transfer charge may apply if an employer or multinational non-government organisation runs the scheme, such as the EU QROPS.
A five-year residence rule may also apply.
Click here for official guidance on the overseas transfer charge
Why does HMRC remove pensions from the QROPS List?
HMRC delists QROPS for several reasons, including:
- The provider closes
- The last pension member has left the scheme, either by transferring out, dying or exhausting the fund
- Tax avoidance issues
- The scheme stays a QROPS, but the provider invokes confidentiality, excluding the pension from the list
Delisting should not imply wrongdoing by a retirement saver or provider.
Related Information
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