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).

HMRC QROPS List – By country

CountryNo of QROPS
Australia1050
Austria4
Barbados1
Belgium2
Bulgaria3
Canada2
Denmark2
EU Institution1
Finland1
Germany7
Gibraltar36
Guernsey66
Hong Kong10
India13
Ireland68
Isle of Man358
Jersey64
Kenya2
Latvia3
Liechtenstein2
Luxembourg2
Malta36
Netherlands55
New Zealand33
Norway1
Sweden1
Switzerland1
USA2
Total:1826

Data Source: HMRC

HMRC QROPS List – Changes

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

QROPSCountryAddedAmended Removed
     
Karian Super FundAustraliax  
Keith Neville Super FundAustraliax  
Malks Superannuation FundAustraliax  
Naik Family Superannuation FundAustraliax  
Nicosia William Jones Superannuation FundAustraliax  
Philip Goodyer Super FundAustraliax  
Whittle Family Superannuation FundAustraliax  
Hamburger Pensionskasse von 1905 ViaGermany  x
Berkeley Retirement Benefit SchemeGibraltar  x
Evolve Retirement Benefit SchemeGibraltar  x
Dominic Wheatley Retirement Annuity Trust SchemeGuernseyx  
Cheesley Family SIPPIsle of Manx  
Lighten Point SIPPIsle of Man  x
A H Pension Scheme LimitedJerseyx  
St. Anna Advies B.V. by Brand New DayNetherlandsx  
Wetransfer B.V. by Brand New DayNetherlandsx  
     
Totals: 1204
     
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

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