QROPS List – August 1, 2019

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

HMRC QROPS List – By country

  No of QROPS
  August 1, 2019 1 month ago 3 mnths ago 6 mnths ago 1 year ago
Australia 972 955 889 807 698
Austria 4 4 4 5 5
Barbados 1 1 1 1 1
Belgium 1 1 1 1 1
Bulgaria 3 3 3 3 3
Denmark 2 2 2 2 2
EU Institution 1 1 1 1 1
Finland 1 1 1 1 1
Germany 8 8 8 9 10
Gibraltar 32 31 32 31 31
Guernsey 62 62 63 63 52
Hong Kong 8 7 7 4 2
India 12 13 12 11 13
Ireland 70 69 68 65 62
Isle of Man 355 355 353 350 344
Jersey 58 57 55 49 43
Kenya 2 2 2 2 2
Latvia 3 3 3 3 3
Liechtenstein 2 2 2 2 2
Luxembourg 2 2 2 2 2
Malta 36 36 36 38 36
Mauritius 1 1 1 2 2
Netherlands 41 41 38 34 17
New Zealand 32 32 30 29 31
Norway 1 1 1 1 1
South Africa 1
Sweden 1 1 1 1 2
Switzerland 1 1 1 1 2
USA 2 2 2 2 2
Total: 1714 1694 1619 1520 1372

Source: HMRC

HMRC QROPS List – Changes

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

QROPS Country Added Amended Removed
Baldwin Superannuation Fund Australia x
Carden Leche Superannuation Fund Australia x
Chicks Nest Egg Australia x
DJ Willison Superfund Australia x
Melis Superannuation Fund Australia x
Wolfenden Superannuation Fund Australia x
WollemNo2 Australia x
Louise Conneally Pension Trust Ireland x
FBR Group Pension Scheme Jersey x
Booster SuperScheme (previously Fidelity Super-Super Plan, Number 3) New Zealand x
         
Totals: 9 1 0
Net change: 9

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 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 August 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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