QROPS List – January 15, 2021

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The COVID-19 pandemic seems to have left the market for offshore expat pensions unaffected.

New pensions are added to the Qualifying Recognised Overseas Pension Scheme (QROPS) at the same rate as pre-pandemic levels and show no signs of abating.

Ten pensions opened and two closed since the last HM Revenue & Customs (HMRC) official list was published at the turn of the year.

The largest QROPS market – Australia – saw the 10 new pensions open. 

Two schemes were delisted – one in Isle of Man and the other in Malta.

The total number of QROPS stands at 2,112 – the highest number since June 2015.

Australia has a 56% market share by number of schemes, while the top 10 QROPS centres account for 98% of the market, hosting 2,064 pensions.

HMRC QROPS List – By country

CountryNo of QROPS
Australia1312
Austria4
Barbados1
Belgium3
Bulgaria3
Canada3
Denmark2
EU Institution1
Finland1
Germany8
Gibraltar30
Guernsey69
Hong Kong10
India16
Ireland72
Isle of Man361
Jersey67
Kenya2
Latvia3
Liechtenstein1
Luxembourg2
Malta32
Netherlands71
New Zealand34
Norway1
Sweden1
Switzerland2
Grand Total2112
Source: HMRC

HMRC QROPS List – Top 10 countries November 2020

Countries by number of QROPS listed offering the most QROPS:

CountryNo of QROPS
Australia1312
Isle of Man361
Ireland72
Netherlands71
Guernsey69
Jersey67
New Zealand34
Malta32
Gibraltar30
India16
Grand Total2064
Data Source: HMRC

HMRC QROPS List – Changes

QROPS pensions added, amended, or removed in the latest list:

QROPSCountryAddedAmendedRemoved
AK Robinson Super FundAustraliax
Clayton Ford Super FundAustraliax
Crellin Super FundAustraliax
D and L Ridgway SMSF Super FundAustraliax
Divinus Locus Superannuation FundAustraliax
M&D Downes Super FundAustraliax
Ruscojul Super FundAustraliax
SM & MC Dickinson SuperfundAustraliax
Weight Family Super FundAustraliax
Yeandle Superannuation FundAustraliax
ZJP SIPPIsle of Manx
Synergy International Pension PlanMaltax
   
Totals:1002
QROPS listed January 04, 2021: 2104
Net change since January 04, 2021: 8
QROPS listed January 15, 2021: 2112
QROPS country  AddedRemoved
N\a
  
Totals:00
Countries with QROPS listed January 04, 2021: 27
Net change since January 04, 2021: 0
 
Countries with QROPS listed January 15, 2021: 27
The next QROPS list is due on February 01, 2021

QROPS List FAQ

The QROPS List is an invaluable free tool for advisers and retirement savers seeking an expat pension.

What the list means and how to use the data is often misunderstood, so here are the answers to some of the most sked questions about QROPS expat pensions.

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
  • 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
  • Gibraltar
  • Guernsey
  • Hong Kong (China)
  • India
  • Isle of Man
  • Jersey
  • Kenya
  • New Zealand
  • South Africa
  • Switzerland

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

Why does HMRC remove pensions from the QROPS List?

Pensions are delisted for several reasons, including:

  • The provider shuts shop
  • The last pension member has left the scheme, either by transferring out, dying or exhausting the fund
  • Tax avoidance issues
  • The scheme stays a QROPS, but the provider invokes confidentiality, so is excluded from the list

Delisting should not suggest wrongdoing by a retirement saver or provider.

Related Information

Below is a list of related articles you may find of interest.

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