The British taxman is still chasing down expat offshore pensions that flout anti-scamming rules.
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Another 27 pensions that are part of the Qualifying Recognised Overseas Pension Schemes (QROPS) were delisted in the past two weeks.
Delisting means UK pension providers or other QROPS cannot transfer retirement funds to the scheme.
Far from all delisted pensions are scams. Many close for other business reasons, such as the last member leaving the fund. Since November, when the new QROPS rules came into force, 297 pensions have been delisted by HM Revenue & Customs.
The HMRC QROPS List holds the details of 2,359 offshore pensions, with two out of three (1,543) held by expats in Australia.
The top 10 QROPS host countries manage 2,310 of the global total, which leaves 49 QROPS shared among the remaining 18 countries offering the pensions.
HMRC QROPS List – By country
| Country | QROPS listed |
| Australia | 1543 |
| Austria | 3 |
| Barbados | 1 |
| Belgium | 4 |
| Bulgaria | 3 |
| Canada | 5 |
| Denmark | 1 |
| EU Institution | 1 |
| Finland | 1 |
| Germany | 6 |
| Gibraltar | 28 |
| Guernsey | 70 |
| Hong Kong | 9 |
| India | 17 |
| Ireland | 63 |
| Isle of Man | 350 |
| Jersey | 80 |
| Kenya | 2 |
| Latvia | 4 |
| Liechtenstein | 1 |
| Luxembourg | 2 |
| Malta | 31 |
| Netherlands | 92 |
| New Zealand | 36 |
| Norway | 1 |
| Slovakia | 1 |
| Sweden | 2 |
| Switzerland | 2 |
| Grand Total | 2359 |
Source: HMRC
HMRC QROPS List – Top 10 countries
Countries by number of QROPS listed offering the most QROPS
| Country | QROPS listed |
| Australia | 1543 |
| Isle of Man | 350 |
| Netherlands | 92 |
| Jersey | 80 |
| Guernsey | 70 |
| Ireland | 63 |
| New Zealand | 36 |
| Malta | 31 |
| Gibraltar | 28 |
| India | 17 |
| Grand Total | 2310 |
Source: HMRC
HMRC QROPS List – Changes
QROPS pensions added, amended, or removed in the latest list
| QROPS | Country | Add | Amend | Remove |
| Bovington Wealth Superannuation Fund | Australia | x | ||
| Carmichael SMSF | Australia | x | ||
| Cotton Super | Australia | x | ||
| Dimick Family Super Fund | Australia | x | ||
| Dunlop QROPS Fund | Australia | x | ||
| Dunmore Superfund | Australia | x | ||
| Eveline Super Fund | Australia | x | ||
| Ewen Cameron Superannuation Fund | Australia | x | ||
| GABE Expectations | Australia | x | ||
| I Michie Superannuation Fund | Australia | x | ||
| Kevin & Karen Superannuation Fund | Australia | x | ||
| Luiten ROPS Fund | Australia | x | ||
| Maguire Superannuation Fund | Australia | x | ||
| Maines QROPS Super Fund | Australia | x | ||
| Meppershall SMSF | Australia | x | ||
| Millroy Family Super Fund | Australia | x | ||
| P & D Cartwright Superannuation Fund | Australia | x | ||
| SPJ Algar SMSF | Australia | x | ||
| Susy Dog Super Fund | Australia | x | ||
| The Coleing Super Fund | Australia | x | ||
| The Trustee for A & H Dunbar Superfund | Australia | x | ||
| Banning Family Super Fund | Australia | x | ||
| Kay-Jay Super Fund | Australia | x | ||
| Lancashire Super Fund | Australia | x | ||
| Rees Family Superannuation Fund | Australia | x | ||
| Smith-Littlewood 55 Plus Super Fund | Australia | x | ||
| Somerset Park Superannuation Fund | Australia | x | ||
| ICICI Pru Easy Retirement | India | x | ||
| ICICI Pru Easy Retirement SP | India | x | ||
| Sisk Healthcare European Pension Scheme | Ireland | x | ||
| 2004 Sicon Ltd DC Pension and Death Benefits Sch | Ireland | x | ||
| Xtratherm Limited Pension Plan | Ireland | x | ||
| Ashfield SIPP | Isle of Man | x | ||
| Swedbank Atklatais Pensiju Fonds AS Swedbank Defined Contribution Pension Plan Stabilitate+25 | Latvia | x | ||
| Totals: | 27 | 0 | 7 | |
| QROPS listed February 15, 2022 | 2339 | |||
| Net change since February 15, 2022 | 20 | |||
| QROPS listed March 01, 2022 | 2359 | |||
| QROPS Jurisdictions | Add | Remove | ||
| Totals: | 0 | 0 | ||
| Countries with QROPS listed March 01, 2022 | 28 | |||
| Net change since March 01, 2022 | 0 | |||
| Countries with QROPS listed February 15, 2022 | 28 | |||
| Next HMRC QROPS LIst due March 15, 2022 |
QROPS List FAQ
The QROPS List is an invaluable free tool for advisers and retirement savers seeking an expat pension.
However, using 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% 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
● Denmark
● Finland
● Germany
● Ireland
● Latvia
● Liechtenstein
● Luxembourg
● Malta
● The Netherlands
● Norway
● Slovakia
● Sweden
QROPS countries outside the EEA
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 suggest wrongdoing by a retirement saver or provider.
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