QROPS List – January 15, 2020

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Eleven new Qualifying Recognised Overseas Pensions Schemes opened in the first two weeks of January 2020.

The number of QROPS increased to 1844 across 28 countries –  up 329 from 1515 on January 1, 2019.

Top of the QROPS listings is Australia with 1,065 expat pensions – just under 58% of all QROPS listed worldwide across 28 countries.

In fact, the he 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 favourite QROPS centre with 359 pensions listed, which is almost 20% of the market.

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HMRC QROPS List – By country

Country No of QROPS % of Total
Australia 1065 57.75%
Isle of Man 359 19.47%
Ireland 68 3.69%
Guernsey 66 3.58%
Jersey 65 3.52%
Netherlands 55 2.98%
Malta 36 1.95%
Gibraltar 36 1.95%
New Zealand 33 1.79%
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%
Liechtenstein 2 0.11%
Denmark 2 0.11%
Sweden 1 0.05%
Finland 1 0.05%
Switzerland 1 0.05%
Barbados 1 0.05%
Norway 1 0.05%
EU Institution 1 0.05%
Total: 1844 100.00%

Data Source: HMRC

HMRC QROPS List – Changes

QROPS pensions added, amended or removed from the list since January 1, 2020.

QROPS Country Added Amended Removed
007 Superannuation Fund Australia x
Burgess Super Fund Australia x
Jon Hayward Superannuation Fund Australia x
JS Band Super Fund Australia x
Lee Family Super Fund Australia x
Madgasman Super Fund Australia x
Michael ES Superannuation Fund Australia x
Milburn Super Fund Australia x
Outrospective Super Fund Australia x
Top Hat Superannuation Fund Australia x
CNIW Personal Pension Scheme Isleof Man x
     
Totals: 11 0 0
QROPS listed January 01, 2020: 1833
Net change since January 01, 2020: 11
 
QROPS listed January  15, 2020: 1844
QROPS country Country   Added Removed
No change
   
Totals: 0 0
Countries with QROPS listed January  15, 2020: 28
Net change since January 01, 2020: 0
 
Countries with QROPS listed January  15, 2020: 28
The next QROPS list is due on February 01, 2020

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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