QROPS List – April 1, 2020

The worldwide list of QROPS offshore pensions for expats has added several new schemes mainly in Australia.

Australia heads the list with 1,103 expat pensions – 59% of all QROPS listed worldwide.

The QROPS list shows the Isle of Man ranking as the second QROPS centre with 360 pensions, which is almost a 20% share of the market.

Providers added 10 new QROPS to the list and removed three, leaving a net increase of seven QROPS, bringing the total worldwide to 1,878 pensions.

HMRC QROPS List – By country

Country No of QROPS % of listed QROPS
Australia 1103 58.73%
Austria 4 0.21%
Barbados 1 0.05%
Belgium 2 0.11%
Bulgaria 3 0.16%
Canada 3 0.16%
Denmark 2 0.11%
EU Institution 1 0.05%
Finland 1 0.05%
Germany 7 0.37%
Gibraltar 34 1.81%
Guernsey 65 3.46%
Hong Kong 10 0.53%
India 13 0.69%
Ireland 69 3.67%
Isle of Man 360 19.17%
Jersey 64 3.41%
Kenya 2 0.11%
Latvia 3 0.16%
Liechtenstein 1 0.05%
Luxembourg 2 0.11%
Malta 35 1.86%
Netherlands 55 2.93%
New Zealand 32 1.70%
Norway 1 0.05%
Sweden 1 0.05%
Switzerland 2 0.11%
USA 2 0.11%
Total QROPS: 1878

Data Source: HMRC

HMRC QROPS List – Changes

QROPS pensions added, amended or removed from the latest list

QROPS Country Added Amended Removed
Bitchfield Superannuation Fund Australia x
Bowler SMSF Australia x
Dinkakis SMSF Australia x
Gooden Super Fund Australia x
Hunter Lamont Superannuation Fund Australia x
LBD Superannuation Fund Australia x
Outhwaite Superannuation Fund Australia x
Raddie Superfund Australia x
Rimmer Super Australia x
U Y Thompson SMSF Super Fund Australia x
Smithson Family Superannuation Fund Australia x
Snugglesbear Superannuation Fund Australia x
SRL Retirement Annuity Trust Scheme Guernsey x
Totals: 10 0 3
QROPS listed March 15, 2020: 1871
Net change since March 15, 2020: 7
QROPS listed April 01, 2020: 1878
QROPS country     Added Removed
Totals: 0 0
Countries with QROPS listed March 15, 2020: 28
Net change since March 15, 2020: 0
Countries with QROPS listed April 01, 2020: 28
The next QROPS list is due on April 15, 2020

Data source: HMRC

The first table shows the net number of schemes for each financial jurisdiction, accounting for new listings and removals since the publication of the last list.

The second table shows the QROPS global top 10, while the third details changes in the number of QROPS and countries providing them.

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 certain to be QROPS. Retirement savers should check the latest QROPS list before transferring any money.

QROPS overseas transfer charge

The overseas transfer charge is calculated as 25% of the transfer value of a fund 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 when the pension member also lives within the EEA are:

  • Austria
  • Belgium
  • Bulgaria
  • Denmark
  • Finland
  • Germany
  • Gibraltar
  • Ireland
  • Latvia
  • Liechtenstein
  • Luxembourg
  • Malta
  • The Netherlands
  • Norway
  • Sweden

Note: The UK government has yet to clarify if this rule will remain in place after the Brexit transition period ends on December 31, 2020.

QROPS countries outside the EEA

Countries outside the EEA are subject to the transfer charge if an expat does not live in the same country as the pension is administered – these are:

  • Australia
  • Barbados
  • Canada
  • Guernsey
  • Hong Kong (China)
  • India
  • Isle of Man
  • Jersey
  • Kenya
  • New Zealand
  • South Africa
  • Switzerland
  • USA

Other exceptions to the transfer charge may apply if the overseas scheme is run by an employer or multinational non-government organisation, such as the EU QROPS.

A five-year residence rule may also apply.

Click here for official guidance on the overseas transfer charge

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