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).
HMRC QROPS List – By country
|Country||No of QROPS|
|Isle of Man||358|
Data Source: HMRC
HMRC QROPS List – Changes
QROPS pensions added, amended or removed from the list since December 1, 2019.
|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|
|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:
- 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.