Retirement

QROPS List – July 1, 2018

Gibraltar QROPS were cut by a quarter this week as the financial centre lost 10 overseas pensions for expats.

Gibraltar now has 31 QROPS.

No comment about the removals was made by the schemes or HMRC – but with so many pensions disappearing from one jurisdiction at the same time, the action was probably triggered by HMRC.

HMRC QROPS List – By country

Financial JurisdictionNo of QROPS
Australia676
Austria6
Barbados1
Belgium1
Bulgaria3
Denmark2
EU Institution1
Finland1
Germany10
Gibraltar31
Guernsey53
Hong Kong2
India13
Ireland61
Isle of Man342
Jersey43
Kenya2
Latvia3
Liechtenstein2
Luxembourg2
Malta37
Mauritius2
Netherlands17
New Zealand32
Norway1
South Africa1
Sweden2
Switzerland2
USA2
Total:1351

 

HMRC QROPS List – Changes

QROPSCountryAction
A & F McInally Superannuation FundAustraliaAdded
JBL Super FundAustraliaAdded
Joy Perks UK Pension Superannuation FundAustraliaAdded
Twiddle Family Super FundAustraliaAdded
DGM Registered Retirement Savings Plan (RRSP)AustriaAdded
Huk-Coburg-Lebensversicherung AGGermanyRemoved
Abacus Retirement Annuity Trust SchemeGibraltarRemoved
Andromeda Retirement Annuity Trust SchemeGibraltarRemoved
Cornhill Retirement Annuity Trust SchemeGibraltarRemoved
Cygnet Retirement Annuity Trust SchemeGibraltarRemoved
Equus Retirement Annuity Trust SchemeGibraltarRemoved
Equus Silver Retirement Annuity Trust SchemeGibraltarRemoved
Fortress Retirement Annuity Trust SchemeGibraltarRemoved
Metro Retirement Annuity Trust SchemeGibraltarRemoved
Resort Group plc Retirement Annuity Trust SchemeGibraltarRemoved
Trafalgar Pension SchemeGibraltarRemoved
Gilheany Retirement Annuity Trust SchemeGuernseyAdded
Guernsey Pension SchemeGuernseyRemoved
Egg and Bacon LimitedJerseyAdded
Parsley Hill Pension Scheme LimitedJerseyAdded

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 this before transferring any money.

The next HM Revenue and Customs QROPS List is scheduled for July 15, 2018.

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 with 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
  • Guernsey
  • Hong Kong (China)
  • India
  • Isle of Man
  • Jersey
  • Kenya
  • Mauritius
  • 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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