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 Jurisdiction | No of QROPS |
| Australia | 676 |
| Austria | 6 |
| Barbados | 1 |
| Belgium | 1 |
| Bulgaria | 3 |
| Denmark | 2 |
| EU Institution | 1 |
| Finland | 1 |
| Germany | 10 |
| Gibraltar | 31 |
| Guernsey | 53 |
| Hong Kong | 2 |
| India | 13 |
| Ireland | 61 |
| Isle of Man | 342 |
| Jersey | 43 |
| Kenya | 2 |
| Latvia | 3 |
| Liechtenstein | 2 |
| Luxembourg | 2 |
| Malta | 37 |
| Mauritius | 2 |
| Netherlands | 17 |
| New Zealand | 32 |
| Norway | 1 |
| South Africa | 1 |
| Sweden | 2 |
| Switzerland | 2 |
| USA | 2 |
| Total: | 1351 |
HMRC QROPS List – Changes
| QROPS | Country | Action |
| A & F McInally Superannuation Fund | Australia | Added |
| JBL Super Fund | Australia | Added |
| Joy Perks UK Pension Superannuation Fund | Australia | Added |
| Twiddle Family Super Fund | Australia | Added |
| DGM Registered Retirement Savings Plan (RRSP) | Austria | Added |
| Huk-Coburg-Lebensversicherung AG | Germany | Removed |
| Abacus Retirement Annuity Trust Scheme | Gibraltar | Removed |
| Andromeda Retirement Annuity Trust Scheme | Gibraltar | Removed |
| Cornhill Retirement Annuity Trust Scheme | Gibraltar | Removed |
| Cygnet Retirement Annuity Trust Scheme | Gibraltar | Removed |
| Equus Retirement Annuity Trust Scheme | Gibraltar | Removed |
| Equus Silver Retirement Annuity Trust Scheme | Gibraltar | Removed |
| Fortress Retirement Annuity Trust Scheme | Gibraltar | Removed |
| Metro Retirement Annuity Trust Scheme | Gibraltar | Removed |
| Resort Group plc Retirement Annuity Trust Scheme | Gibraltar | Removed |
| Trafalgar Pension Scheme | Gibraltar | Removed |
| Gilheany Retirement Annuity Trust Scheme | Guernsey | Added |
| Guernsey Pension Scheme | Guernsey | Removed |
| Egg and Bacon Limited | Jersey | Added |
| Parsley Hill Pension Scheme Limited | Jersey | Added |
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
