QROPS List – February 5, 2020

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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

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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

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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