QROPS List – December 15, 2018

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

HMRC QROPS List – By country

Financial centreNo of QROPS
Australia787
Austria5
Barbados1
Belgium1
Bulgaria3
Denmark2
EU Institution1
Finland1
Germany9
Gibraltar31
Guernsey60
Hong Kong4
India11
Ireland65
Isle of Man350
Jersey49
Kenya2
Latvia3
Liechtenstein2
Luxembourg2
Malta38
Mauritius2
Netherlands31
New Zealand29
Norway1
Sweden2
Switzerland1
USA2
Grand Total1495

Data Source: HMRC

HMRC QROPS List – Changes

QROPS pensions added, amended or removed from the list since December 1, 2018.

QROPSCountryAddedAmendedRemoved
Berkley Hassett Super FundAustraliax  
Chappel-Wood Superannuation FundAustraliax  
Feebiegrovell Super FundAustraliax  
Margaret Waller Superannuation FundAustraliax  
Morgan Cerini SMSFAustraliax  
PaS Super FundAustraliax  
R & M Dean Superannuation FundAustraliax  
SCAT Superannuation FundAustraliax  
Scottie Dog SuperAustraliax  
TWOPM Superannuation FundAustraliax  
Jerzy Olejnik Retirement FundAustralia  x
Julien Sharpe Retirement Annuity Trust SchemeGuernseyx  
Exide Life Golden Years Retirement PlanIndiax  
HDFC Life Pension Guaranteed PlanIndiax  
ITC PRSA 1Irelandx  
ITC PRSA 2Irelandx  
ITC PRSA 3Irelandx  
Eamonn O Sullivan Personal Retirement BondIreland  x
Parry Family SIPPIsle of Manx  
Alpenhof LtdJersey  x
SSAS 6 FundNew Zealand  x
SSAS 7 FundNew Zealand  x
SSAS 15 FundNew Zealand  x
     
Totals: 1706

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 January 1, 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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