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
Country | QROPS listed | % of total |
Australia | 1081 | 58.12% |
Isle of Man | 358 | 19.25% |
Ireland | 69 | 3.71% |
Guernsey | 66 | 3.55% |
Jersey | 64 | 3.44% |
Netherlands | 55 | 2.96% |
Malta | 36 | 1.94% |
Gibraltar | 36 | 1.94% |
New Zealand | 33 | 1.77% |
India | 13 | 0.70% |
Hong Kong | 10 | 0.54% |
Germany | 7 | 0.38% |
Austria | 4 | 0.22% |
Canada | 3 | 0.16% |
Bulgaria | 3 | 0.16% |
Latvia | 3 | 0.16% |
Luxembourg | 2 | 0.11% |
Belgium | 2 | 0.11% |
USA | 2 | 0.11% |
Kenya | 2 | 0.11% |
Switzerland | 2 | 0.11% |
Liechtenstein | 2 | 0.11% |
Denmark | 2 | 0.11% |
Finland | 1 | 0.05% |
Sweden | 1 | 0.05% |
Barbados | 1 | 0.05% |
Norway | 1 | 0.05% |
EU Institution | 1 | 0.05% |
Total: | 1860 | 100.00% |
Data Source: HMRC
HMRC QROPS List – Top 10 countries
QROPS pensions added, amended or removed from the list since January 15, 2020.
Country | QROPS listed |
Australia | 1081 |
Isle of Man | 358 |
Ireland | 69 |
Guernsey | 66 |
Jersey | 64 |
Netherlands | 55 |
Gibraltar | 36 |
Malta | 36 |
New Zealand | 33 |
India | 13 |
Total: | 1811 |
Data Source: HMRC
HMRC QROPS List – Changes
QROPS pensions added, amended or removed from the latest list.
QROPS | Country | Added | Amended | Removed |
Ashby Super Fund | Australia | x | ||
Banksia Tree Superannuation Fund | Australia | x | ||
Deb & Marty Superannuation Fund | Australia | x | ||
Duncan Super SMSF | Australia | x | ||
Gilhooley Super Fund | Australia | x | ||
Greg Potts Superannuation Fund | Australia | x | ||
Hanson Johnston Superannuation Fund | Australia | x | ||
Hatters Superannuation Fund | Australia | x | ||
KM Daley Super Fund | Australia | x | ||
LM Darrington Superannuation Fund | Australia | x | ||
Louise Falkov Retirement Fund | Australia | x | ||
McGowan Superannuation Fund | Australia | x | ||
ND & DM Robertson Super Fund | Australia | x | ||
PJW Super Fund | Australia | x | ||
Stephenson Family Super | Australia | x | ||
White Frythe Fund | Australia | x | ||
Andrew Robertson Low Pension Trust | Ireland | x | ||
JBD Personal Pension Scheme | Isle of Man | x | ||
Sebastian-Capel Investments Ltd | Jersey | x | ||
Independent Freizuegigkeitsstiftung | Switzerland | x | ||
Totals: | 18 | 0 | 2 | |
QROPS listed January 16, 2020: | 1844 | |||
Net change since January 16, 2020: | 16 | |||
QROPS listed February 04, 2020: | 1860 | |||
No change | – | – | ||
Totals: | 0 | 0 | ||
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