QROPS List – April 25, 2019

The latest HM Revenue & Customs data for expats with QROPS offshore pensions.

“These changes were scheduled for 1 May 2019 but we published these early by mistake,” said a spokesman.

“Because we’ve published these updates early, we won’t be updating the list on May 1. We are sorry for any confusion this has caused.

“The next updates for the QROPS notifications list will be published on May 15, 2019.”

The number of QROPS has increased by 102 since the start of the year.

HMRC QROPS List – By country

Country No of QROPS
Australia 889
Austria 4
Barbados 1
Belgium 1
Bulgaria 3
Denmark 2
EU Institution 1
Finland 1
Germany 8
Gibraltar 32
Guernsey 63
Hong Kong 7
India 12
Ireland 68
Isle of Man 353
Jersey 55
Kenya 2
Latvia 3
Liechtenstein 2
Luxembourg 2
Malta 36
Mauritius 1
Netherlands 38
New Zealand 30
Norway 1
Sweden 1
Switzerland 1
USA 2
Total: 1619

Data Source: HMRC

HMRC QROPS List – Changes

QROPS pensions added, amended or removed from the list since April 15, 2019.

QROPS Country Added Amended Removed
ABG Super Australia x
Honeyeaters Superannuation Fund Australia x
JA Russell Super Fund Australia x
Jon Gregory Taylor Superannuation Fund Australia x
Littledene Superannuation Fund Australia x
McKenzie Superannuation Fund Australia x
MJ Wood Super Australia x
Montanari Superannuation Fund Australia x
Pearson-Lemme Superannuation Fund Australia x
Tidswell Master Superannuation Plan Australia x
Harrison Superannuation Fund Australia x
JRC Retirement Annuity Trust Scheme Guernsey x
Quartermain Staff Retirement Scheme Hong Kong x
Eolas Biomedical SSAP Ireland x
Hannaaron SIPP Isle of Man x
A & S Investment Company Limited Jersey x
Wood Pensions Limited Jersey x
         
Totals: 15 0 2
Net change: 13

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 details the changes.

What is the QROPS List?

The HMRC QROPS 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 this before transferring any money.

The next HM Revenue and Customs QROPS List is scheduled for May 15, 2019.

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
  • Guernsey
  • Hong Kong (China)
  • India
  • Isle of Man
  • Jersey
  • Kenya
  • Mauritius
  • 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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