QROPS List – February 5, 2020

Lisa Smith, BA (Hons), CeFA
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A new Qualifying Recognised Overseas Pension Scheme (QROPS) opens every day on average.

In the last two weeks of January, the number of QROPS rose to 1860 across 28 countries –  an increase of 340 from 1520 on February 1, 2019.

Australia leads the listings with 1,081 expat pensions – 58% of all QROPS listed worldwide.

The top 10 QROPS centres represent 97% of QROPS expat pensions available.

Only one other country outside the top 10 has QROPS in double figures – Hong Kong, with 10 schemes, which is 0.54% of the market

The latest QROPS list published by HM Revenue & Customs shows the Isle of Man ranking as the second QROPS centre with 358 pensions listed, which is almost a 20% share of the market.

HMRC QROPS List – By country

CountryQROPS listed% of total
Australia108158.12%
Isle of Man35819.25%
Ireland693.71%
Guernsey663.55%
Jersey643.44%
Netherlands552.96%
Malta361.94%
Gibraltar361.94%
New Zealand331.77%
India130.70%
Hong Kong100.54%
Germany70.38%
Austria40.22%
Canada30.16%
Bulgaria30.16%
Latvia30.16%
Luxembourg20.11%
Belgium20.11%
USA20.11%
Kenya20.11%
Switzerland20.11%
Liechtenstein20.11%
Denmark20.11%
Finland10.05%
Sweden10.05%
Barbados10.05%
Norway10.05%
EU Institution10.05%
Total:1860100.00%

Data Source: HMRC

HMRC QROPS List – Top 10 countries

QROPS pensions added, amended or removed from the list since January 15, 2020.

CountryQROPS listed
Australia1081
Isle of Man358
Ireland69
Guernsey66
Jersey64
Netherlands55
Gibraltar36
Malta36
New Zealand33
India13
Total:1811

Data Source: HMRC

HMRC QROPS List – Changes

QROPS pensions added, amended or removed from the latest list.

QROPSCountryAddedAmendedRemoved
Ashby Super FundAustraliax
Banksia Tree Superannuation FundAustraliax
Deb & Marty Superannuation FundAustraliax
Duncan Super SMSFAustraliax
Gilhooley Super FundAustraliax
Greg Potts Superannuation FundAustraliax
Hanson Johnston Superannuation FundAustraliax
Hatters Superannuation FundAustraliax
KM Daley Super FundAustraliax
LM Darrington Superannuation FundAustraliax
Louise Falkov Retirement FundAustraliax
McGowan Superannuation FundAustraliax
ND & DM Robertson Super FundAustraliax
PJW Super FundAustraliax
Stephenson Family SuperAustraliax
White Frythe FundAustraliax
Andrew Robertson Low Pension TrustIrelandx
JBD Personal Pension SchemeIsle of Manx
Sebastian-Capel Investments LtdJerseyx
Independent FreizuegigkeitsstiftungSwitzerlandx
Totals:1802
QROPS listed January 16, 2020:1844
Net change since January 16, 2020:16
QROPS listed February 04, 2020: 1860
No change
Totals:00
Countries with QROPS listed February 04, 2020:28
Net change since January 16, 2020:0
Countries with QROPS listed February 04, 2020: 28

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 the latest QROPS list before transferring any money.

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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