QROPS List – April 25, 2019

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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.

Booking.com

HMRC QROPS List – By country

CountryNo of QROPS
Australia889
Austria4
Barbados1
Belgium1
Bulgaria3
Denmark2
EU Institution1
Finland1
Germany8
Gibraltar32
Guernsey63
Hong Kong7
India12
Ireland68
Isle of Man353
Jersey55
Kenya2
Latvia3
Liechtenstein2
Luxembourg2
Malta36
Mauritius1
Netherlands38
New Zealand30
Norway1
Sweden1
Switzerland1
USA2
Total:1619

Data Source: HMRC

HMRC QROPS List – Changes

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

QROPSCountryAddedAmended Removed
ABG SuperAustraliax
Honeyeaters Superannuation FundAustraliax
JA Russell Super FundAustraliax
Jon Gregory Taylor Superannuation FundAustraliax
Littledene Superannuation FundAustraliax
McKenzie Superannuation FundAustraliax
MJ Wood SuperAustraliax
Montanari Superannuation FundAustraliax
Pearson-Lemme Superannuation FundAustraliax
Tidswell Master Superannuation PlanAustraliax
Harrison Superannuation FundAustraliax
JRC Retirement Annuity Trust SchemeGuernseyx
Quartermain Staff Retirement SchemeHong Kongx
Eolas Biomedical SSAPIrelandx
Hannaaron SIPPIsle of Manx
A & S Investment Company LimitedJerseyx
Wood Pensions LimitedJerseyx
     
Totals:1502
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

Download the Free Pension Transfer Guide

Expat Pension Transfers Guide

iExpats.com expert writers have created a simple guide to Expat Pension Transfers just for you.

Find out how you could save tax, increase growth and investment opportunities with this simple, no-nonsense guide that will introduce QROPS, SIPPs and QNUPS options and talk through the pros and cons. Download the free guide by following the link below

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