QROPS List – August 17, 2020

Lisa Smith, BA (Hons), CeFA
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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

CountryNo of QROPS
Australia1183
Austria4
Barbados1
Belgium3
Bulgaria3
Canada3
Denmark2
EU Institution1
Finland1
Germany7
Gibraltar37
Guernsey66
Hong Kong10
India13
Ireland70
Isle of Man361
Jersey66
Kenya2
Latvia3
Liechtenstein1
Luxembourg2
Malta34
Netherlands59
New Zealand32
Norway1
Sweden1
Switzerland2
USA2
Grand Total:1970
Data Source: HMRC

HMRC QROPS List – Top 10 countries

Countries by number of QROPS listed offering the most QROPS

CountryNo of QROPS
Australia1183
Isle of Man361
Ireland70
Guernsey66
Jersey66
Netherlands59
Gibraltar37
Malta34
New Zealand32
India13
Grand Total:1921
Data Source: HMRC

HMRC QROPS List – Changes

QROPS pensions added, amended, or removed in the latest list

QROPSCountryAddedAmendedRemoved
B and M Kelly SMSF Super FundAustraliax
Clarke O’Reilly SMSFAustraliax
H and E Nicol SMSF Super FundAustraliax
Ogangelos Super FundAustraliax
Projectability Super FundAustraliax
Berkeley Retirement Benefit Scheme amended to Two Ninety Five Retirement Benefit SchemeGibraltarx
Dellinger Retirement Annuity Trust SchemeGuernseyx
Coravin Europe B.V. by Brand New DayNetherlandsx
Westers Automatisering & Consultancy BV by Brand New DayNetherlandsx
   
Totals:810
QROPS listed July 01, 2020: 1961
Net change since July 01, 2020: 9
QROPS listed August 17, 2020: 1970
QROPS country  AddedRemoved
  
Totals:00
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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