Despite fears that abolishing the lifetime allowance (LTA) in Budget 2023 was a fatal blow to the QROPS market, offshore pensions seem unaffected.
Scrapping the LTA removed the tax penalty for breaking the retirement saving ceiling, one of the main reasons for switching to a Qualifying Recognised Overseas Pension Scheme.
But the global number of QROPS has hit 2552 – the highest total over two years.
Meanwhile, in the past two weeks, 17 QROPS have opened, one has changed its name, while ten have been removed from the HM Revenue & Customs QROPS LIst.
Table of contents
HMRC QROPS List – By Country
| Country | No of QROPS |
|---|---|
| Australia | 1760 |
| Austria | 3 |
| Barbados | 1 |
| Belgium | 4 |
| Bulgaria | 2 |
| Canada | 6 |
| EU Institution | 1 |
| Germany | 5 |
| Gibraltar | 28 |
| Guernsey | 66 |
| Hong Kong | 12 |
| Iceland | 1 |
| India | 20 |
| Ireland | 51 |
| Isle of Man | 315 |
| Jersey | 90 |
| Kenya | 2 |
| Latvia | 4 |
| Luxembourg | 2 |
| Malta | 32 |
| Netherlands | 101 |
| New Zealand | 40 |
| Norway | 1 |
| Slovakia | 1 |
| Sweden | 2 |
| Switzerland | 2 |
| Grand Total | 2552 |
HMRC QROPS List – Top 10 Countries
Countries by number of QROPS listed offering the most QROPS
| Country | No of QROPS |
|---|---|
| Australia | 1760 |
| Isle of Man | 315 |
| Netherlands | 101 |
| Jersey | 90 |
| Guernsey | 66 |
| Ireland | 51 |
| New Zealand | 40 |
| Malta | 32 |
| Gibraltar | 28 |
| India | 20 |
| Grand Total | 2503 |
HMRC QROPS List – Changes
QROPS pensions added, amended, or removed in the latest list
| QROPS | Country | Added | Amended | Removed |
|---|---|---|---|---|
| A & L Lam-Po-Tang Superannuation Fund | Australia | x | ||
| BJ Super Fund | Australia | x | ||
| Cairney Super Fund 2 | Australia | x | ||
| GJA SMSF | Australia | x | ||
| Good Life SMSF | Australia | x | ||
| JJ Hall Super Fund | Australia | x | ||
| Maxwell ROPS Fund | Australia | x | ||
| MDN Super Fund | Australia | x | ||
| Paul Gladwell Superannuation Fund | Australia | x | ||
| Pinnski Super Fund | Australia | x | ||
| R & S Hardy Superannuation Fund | Australia | x | ||
| Shamrock & Emu | Australia | x | ||
| Subert SMSF | Australia | x | ||
| Tikalara Superfund | Australia | x | ||
| Wylie Tooth Superannuation Fund | Australia | x | ||
| Chelford Group Super Fund (previously Trustee for Chelford Group Super Fund) | Australia | x | ||
| Avrony Super Fund | Australia | x | ||
| Possum Superannuation Fund | Australia | x | ||
| Sheppard Super Fund | Australia | x | ||
| Sims55plus Super | Australia | x | ||
| Small Super Fund | Australia | x | ||
| Trustee for Chelter Group Super Fund | Australia | x | ||
| Moonpig Occupational Pension Scheme | Guernsey | x | ||
| Sovereign Retirement Annuity Trust Scheme | Guernsey | x | ||
| Kionslieu Personal Pension Scheme | Isle of Man | x | ||
| Yn Thie Ain Personal Pension Scheme | Isle of Man | x | ||
| Bourse Retirement Scheme (Malta) | Malta | x | ||
| Arese Group B.V. | Netherlands | x | ||
| Totals: | 17 | 1 | 10 | |
| QROPS listed June 01, 2023 | 2545 | |||
| Net change since June 01, 2023 | 7 | |||
| QROPS listed June 15, 2023 | 2552 | |||
| QROPS Jurisdictions | Added | Removed | ||
| N\a | 0 | 0 | ||
| Totals: | 0 | 0 | ||
| Countries with QROPS listed June 15, 2023 | 26 | |||
| Net change since June 01, 2023 | 0 | |||
| Countries with QROPS listed June 15, 2023 | 26 | |||
| Next HMRC QROPS List due July 01, 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.
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