QROPS List – April 15, 2020

The coronavirus is expected to start hitting pension transfers to the Qualifying Recognised Overseas Pension Scheme (QROPS) soon.

Pension regulators in the UK have given permission for providers to delay delivering the cash equivalent transfer value of a fund for up to three months.

This could mean expats waiting to transfer out of a UK pension may have their plans put on ice until life returns to normal after the lockdown.

Meanwhile, only Australia listed any changes in the official QROPS List published by HMRC for April 15, 2020.

The list shows the number of QROPS rose to 1,886 across 28 countries – a net gain of eight since the start of the month.

Australia tops the listing with 1,111 expat pensions – 59% of all QROPS listed worldwide.

The top 10 QROPS centres represent more than 97% of the QROPS expat pensions available. Only one other country outside the top 10 has QROPS in double figures – Hong Kong, with 10 schemes, which is 0.54% of the market

The latest QROPS list published by HM Revenue & Customs shows the Isle of Man ranking as the second QROPS centre with 360 pensions listed, which is almost a 20% share of the market.

HMRC QROPS List – By country

Country No of QROPS % of all QROPS
Australia 1111 58.91%
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 1.80%
Guernsey 65 3.45%
Hong Kong 10 0.53%
India 13 0.69%
Ireland 69 3.66%
Isle of Man 360 19.09%
Jersey 64 3.39%
Kenya 2 0.11%
Latvia 3 0.16%
Liechtenstein 1 0.05%
Luxembourg 2 0.11%
Malta 35 1.86%
Netherlands 55 2.92%
New Zealand 32 1.70%
Norway 1 0.05%
Sweden 1 0.05%
Switzerland 2 0.11%
USA 2 0.11%
Total: 1886 100.00%

Data Source: HMRC

HMRC QROPS List – Top 10 countries

Countries by number of QROPS listed

Country No of QROPS
Australia 1111
Isle of Man 360
Ireland 69
Guernsey 65
Jersey 64
Netherlands 55
Malta 35
Gibraltar 34
New Zealand 32
India 13
Total: 1838

Data Source: HMRC

HMRC QROPS List – Changes

QROPS pensions added, amended or removed from the latest list

QROPS Country Added Amended Removed
ADNPP Super Fund Australia x
AKSU Superannuation Fund Australia x
Derek Bryan Superannuation Fund Australia x
Lloyd Superannuation Fund Australia x
Luiela SMSF Australia x
Miller Superannuation Fund Australia x
PSMON Super Australia x
WingDing Superannuation Fund Australia x
Totals: 8 0 0
QROPS listed April 01, 2020: 1878
Net change since April 01, 2020: 8
 
QROPS listed April 15, 2020: 1886
QROPS country     Added Removed
Totals: 0 0
Countries with QROPS listed April 01, 2020: 28
Net change since April 01, 2020: 0
 
Countries with QROPS listed April 15, 2020: 28
The next QROPS list is due on May 01, 2020

 

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 are:

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

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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