QROPS List – December 15, 2019

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The final HM Revenue & Customs QROPS List for 2019 ended the year adding 12 new offshore pensions for expats and removing four.

The number of QROPS has increased to 1826 across 28 countries –  up 314 from 1512 on January 1.

Australia started and ended 2019 as the country hosting the most QROPS, with 803 on January 1 and  1050 on December 15, reflecting a 30% rise.

The Isle of Man ranks as the second favourite QROPS centre with 358 pensions listed, which is about 20% of the market.

None of the remaining 26 financial centres hits triple figures, with Ireland lagging in third place with 68 QROPS, just ahead of Guernsey (66) and Jersey (64).

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HMRC QROPS List – By country

Country No of QROPS
Australia 1050
Austria 4
Barbados 1
Belgium 2
Bulgaria 3
Canada 2
Denmark 2
EU Institution 1
Finland 1
Germany 7
Gibraltar 36
Guernsey 66
Hong Kong 10
India 13
Ireland 68
Isle of Man 358
Jersey 64
Kenya 2
Latvia 3
Liechtenstein 2
Luxembourg 2
Malta 36
Netherlands 55
New Zealand 33
Norway 1
Sweden 1
Switzerland 1
USA 2
Total: 1826

 

Data Source: HMRC

HMRC QROPS List – Changes

QROPS pensions added, amended or removed from the list since December 1, 2019.

QROPS Country Added Amended Removed
Karian Super Fund Australia x
Keith Neville Super Fund Australia x
Malks Superannuation Fund Australia x
Naik Family Superannuation Fund Australia x
Nicosia William Jones Superannuation Fund Australia x
Philip Goodyer Super Fund Australia x
Whittle Family Superannuation Fund Australia x
Hamburger Pensionskasse von 1905 Via Germany x
Berkeley Retirement Benefit Scheme Gibraltar x
Evolve Retirement Benefit Scheme Gibraltar x
Dominic Wheatley Retirement Annuity Trust Scheme Guernsey x
Cheesley Family SIPP Isle of Man x
Lighten Point SIPP Isle of Man x
A H Pension Scheme Limited Jersey x
St. Anna Advies B.V. by Brand New Day Netherlands x
Wetransfer B.V. by Brand New Day Netherlands x
     
Totals: 12 0 4
QROPS listed December 01, 2019: 1818
Net change since December 01, 2019: 8
 
QROPS listed December 15, 2019: 1826

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, 2020.

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

Download the Free Pension Transfer Guide

Expat Pension Transfers Guide

iExpats.com expert writers have created a simple guide to Expat Pension Transfers just for you.

Find out how you could save tax, increase growth and investment opportunities with this simple, no-nonsense guide that will introduce QROPS, SIPPs and QNUPS options and talk through the pros and cons. Download the free guide by following the link below

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