Australia QROPS have almost reached the landmark of making up half of all QROPS offshore pensions for expats worldwide.
With 16 new scheme opening in the past two weeks, Australia now has 49.3% of all QROPS, according to the latest HM Revenue & Customs QROPS List.
The Isle of Man is the next largest jurisdiction with 344 QROPS or 25.1% of the worldwide total.
Between them, the two jurisdictions offer slightly under 75% or three in four of all QROPS pensions.
HMRC QROPS List – By country
|Financial jurisdiction||No of QROPS|
|Isle of Man||344|
HMRC QROPS List – Changes
|Barrat Superannuation Fund||Added||Australia|
|Conway Super Fund||Added||Australia|
|East Weston Super||Added||Australia|
|Elaine Gardiner The Future SMSF||Added||Australia|
|Higgins Superannuation Fund||Added||Australia|
|N & N Pattison Super Fund||Added||Australia|
|Pattison Super Fund||Added||Australia|
|R & C Hewitt SMSF||Added||Australia|
|Rymer & Hyne SMSF||Added||Australia|
|Nestle Pensionskasse VVaG||Added||Germany|
|Trafalgar Pension Scheme||Added||Gibraltar|
|Bank of Ireland Staff Pensions Fund||Added||Ireland|
|Stripes Support Services No.2 EPS||Added||Ireland|
|Crooked Corner Personal Pension Scheme||Added||Isle of Man|
|Clever Cat Limited||Added||Guernsey|
|Coco Investments Ltd||Deleted||Guernsey|
|SSAS 4 Fund||Deleted||New Zealand|
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 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 Listis scheduled for August 15, 2018.
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 with QROPS that are not subject to the overseas transfer charge are:
- The Netherlands
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:
- Hong Kong (China)
- Isle of Man
- New Zealand
- South Africa
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.