The last list of expat Qualifying Recognised Overseas Pension Schemes (QROPS) has been published ahead of a scheduled revamp of the rules.
HM Revenue and Customs (HMRC) will suspend the list on April 14 and publish a new list on April 18.
Meanwhile QROPS administrators have until April 13 to certify that their pensions met the new qualifying rules.
The rules require the pensions only pay benefits to retirement savers aged 55 years old or over unless exceptional circumstances apply.
The measure means significant rule changes for many overseas pensions that pay hardship benefits or allow savers under 55 to withdraw cash from their funds to buy homes.
“The requirements to be a ROPS changed from 6 April 2017. You’ll need to check that the scheme you’re transferring to on or after that date meets the new requirements,” said an HMRC spokesman.
Offshore pension changes
The latest QROPS List covers 1,342 pensions hosted in 38 countries worldwide – an increases of 10 from the last list published on March 15.
In comparison, 1.075 QROPS pensions were listed across 41 countries a year ago.
According to the latest list, new QROPS have started in Australia (6); the Isle of Man (5), Malta (3) and Germany, Guernsey and Hong Kong (One each).
Pensions were delisted in Jersey (3); Denmark (2) and South Africa and the Netherlands (One each).
The list highlights international pensions self-certifying that they meet QROPS qualification rules that are open to transfers from UK onshore pensions or other QROPS.
The next QROPS list is due on April 18, 2017.
For more information about QROPS and the benefits it provides, download the iExpats QROPS Guide or complete the Get Advice form.
QROPS List By Financial Jurisdiction
| Country | No of QROPS |
|---|---|
| Australia | 442 |
| Austria | 9 |
| Barbados | 1 |
| Belgium | 9 |
| Bulgaria | 2 |
| Czech Republic | 2 |
| Denmark | 1 |
| European Union | 1 |
| Finland | 1 |
| Germany | 27 |
| Gibraltar | 51 |
| Greece | 1 |
| Guernsey | 152 |
| Hong Kong | 22 |
| Hungary | 2 |
| Iceland | 2 |
| India | 16 |
| Ireland | 85 |
| Isle of Man | 256 |
| Jamaica | 1 |
| Jersey | 84 |
| Kenya | 1 |
| Kosovo | 1 |
| Latvia | 3 |
| Liechtenstein | 3 |
| Luxembourg | 4 |
| Malta | 35 |
| Mauritius | 3 |
| Netherlands | 57 |
| New Zealand | 36 |
| Norway | 4 |
| Portugal | 4 |
| South Africa | 11 |
| Spain | 2 |
| Sri Lanka | 1 |
| Sweden | 6 |
| Switzerland | 2 |
| Turkey | 2 |
| Total: | 1342 |
Source: HMRC
The table shows the net number of schemes, accounting for new listings and removals since the publication of the last list.
