Nine Qualifying Recognised Overseas Pension Schemes have been added to the HMRC QROPS List since July 15.
The list is scheduled for fortnightly publishing, but HMRC did not release the list due on August 1.
HMRC has given no explanation for the missing list.
Australia saw five new expat pensions, while one was added for Guernsey and two for The Netherlands.
The Berkeley Retirement Benefit Scheme in Gibraltar changed name to the two Ninety Five Retirement Benefit Scheme.
The changes take the total on the HMRC QROPS List to 1,970 across 28 countries.
HMRC QROPS List – By country
| Country | No of QROPS |
|---|---|
| Australia | 1183 |
| Austria | 4 |
| Barbados | 1 |
| Belgium | 3 |
| Bulgaria | 3 |
| Canada | 3 |
| Denmark | 2 |
| EU Institution | 1 |
| Finland | 1 |
| Germany | 7 |
| Gibraltar | 37 |
| Guernsey | 66 |
| Hong Kong | 10 |
| India | 13 |
| Ireland | 70 |
| Isle of Man | 361 |
| Jersey | 66 |
| Kenya | 2 |
| Latvia | 3 |
| Liechtenstein | 1 |
| Luxembourg | 2 |
| Malta | 34 |
| Netherlands | 59 |
| New Zealand | 32 |
| Norway | 1 |
| Sweden | 1 |
| Switzerland | 2 |
| USA | 2 |
| Grand Total: | 1970 |
HMRC QROPS List – Top 10 countries
Countries by number of QROPS listed offering the most QROPS
| Country | No of QROPS |
|---|---|
| Australia | 1183 |
| Isle of Man | 361 |
| Ireland | 70 |
| Guernsey | 66 |
| Jersey | 66 |
| Netherlands | 59 |
| Gibraltar | 37 |
| Malta | 34 |
| New Zealand | 32 |
| India | 13 |
| Grand Total: | 1921 |
HMRC QROPS List – Changes
QROPS pensions added, amended, or removed in the latest list
| QROPS | Country | Added | Amended | Removed |
| B and M Kelly SMSF Super Fund | Australia | x | ||
| Clarke O’Reilly SMSF | Australia | x | ||
| H and E Nicol SMSF Super Fund | Australia | x | ||
| Ogangelos Super Fund | Australia | x | ||
| Projectability Super Fund | Australia | x | ||
| Berkeley Retirement Benefit Scheme amended to Two Ninety Five Retirement Benefit Scheme | Gibraltar | x | ||
| Dellinger Retirement Annuity Trust Scheme | Guernsey | x | ||
| Coravin Europe B.V. by Brand New Day | Netherlands | x | ||
| Westers Automatisering & Consultancy BV by Brand New Day | Netherlands | x | ||
| Totals: | 8 | 1 | 0 | |
| QROPS listed July 01, 2020: | 1961 | |||
| Net change since July 01, 2020: | 9 | |||
| QROPS listed August 17, 2020: | 1970 | |||
| QROPS country | Added | Removed | ||
| – | – | – | ||
| Totals: | 0 | 0 | ||
| Countries with QROPS listed July 01, 2020: | 28 | |||
| Net change since July 01, 2020: | 0 | |||
| Countries with QROPS listed August 17, 2020: | 28 | |||
| The next QROPS list is due on September 01, 2020 |
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 the latest QROPS list before transferring any money.
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
- Canada
- Guernsey
- Hong Kong (China)
- India
- Isle of Man
- Jersey
- Kenya
- 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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