The taxman has released a second QROPS LIst for the month after seemingly forgetting to include two amended pension schemes.
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HM Revenue & Customs amends Qualifying Recognised Overseas Pensions (QROPS) as an administrative exercise when the scheme changes name or rules.
The expected list was published on March 1, but did not cover the amendments, which covered expat offshore pensions in Ireland.
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.
|Isle of Man||350|
Countries by number of QROPS listed offering the most QROPS
|Isle of Man||350|
QROPS pensions added, amended, or removed in the latest list
|Bovington Wealth Superannuation Fund||Australia||x|
|Dimick Family Super Fund||Australia||x|
|Dunlop QROPS Fund||Australia||x|
|Eveline Super Fund||Australia||x|
|Ewen Cameron Superannuation Fund||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|
|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 Scheme||Ireland||x|
|Xtratherm Limited Pension Plan||Ireland||x|
|Davy Select PRSA (Execution Only) (previously Davy Self Directed PRSA)||Ireland||x|
|Davy Advisory PRSA (previously Davy Non-Standard PRSA)||Ireland||x|
|Ashfield SIPP||Isle of Man||x|
|Swedbank Atklatais Pensiju Fonds AS Swedbank Defined Contribution Pension Plan Stabilitate+25||Latvia||x|
|QROPS listed February 15, 2022||2339|
|Net change since February 15, 2022||20|
|QROPS listed March 04, 2022||2359|
|Countries with QROPS listed March 04, 2022||28|
|Net change since March 04, 2022||0|
|Countries with QROPS listed February 15, 2022||28|
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.
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.
The overseas transfer charge is 25% of the transfer value of a fund moved into a QROPS or between
For expats living inside the European Economic Area (EEA), countries offering QROPS that are not
subject to the overseas transfer charge are:
- The Netherlands
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:
- Hong Kong (China)
- Isle of Man
- New Zealand
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.
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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