The latest HM Revenue & Customs data for expats with QROPS offshore pensions.
HMRC QROPS List – By country
|Financial centre||No of QROPS|
|Isle of Man||350|
Data Source: HMRC
HMRC QROPS List – Changes
QROPS pensions added, amended or removed from the list since December 1, 2018.
|Berkley Hassett Super Fund||Australia||x|
|Chappel-Wood Superannuation Fund||Australia||x|
|Feebiegrovell Super Fund||Australia||x|
|Margaret Waller Superannuation Fund||Australia||x|
|Morgan Cerini SMSF||Australia||x|
|PaS Super Fund||Australia||x|
|R & M Dean Superannuation Fund||Australia||x|
|SCAT Superannuation Fund||Australia||x|
|Scottie Dog Super||Australia||x|
|TWOPM Superannuation Fund||Australia||x|
|Jerzy Olejnik Retirement Fund||Australia||x|
|Julien Sharpe Retirement Annuity Trust Scheme||Guernsey||x|
|Exide Life Golden Years Retirement Plan||India||x|
|HDFC Life Pension Guaranteed Plan||India||x|
|ITC PRSA 1||Ireland||x|
|ITC PRSA 2||Ireland||x|
|ITC PRSA 3||Ireland||x|
|Eamonn O Sullivan Personal Retirement Bond||Ireland||x|
|Parry Family SIPP||Isle of Man||x|
|SSAS 6 Fund||New Zealand||x|
|SSAS 7 Fund||New Zealand||x|
|SSAS 15 Fund||New Zealand||x|
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:
- 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.