QROPS List – July 1, 2019

Lisa Smith, BA (Hons), CeFA
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The latest HM Revenue & Customs data for expats with QROPS offshore pensions.

HMRC QROPS List – By country

CountryNo of QROPS
 July 1 20191 month age3 mnths ago6 mnths ago1 year ago
      
Australia955919855807676
Austria44456
Barbados11111
Belgium11111
Bulgaria33333
Denmark22222
EU Institution11111
Finland11111
Germany889910
Gibraltar3132313131
Guernsey6263646353
Hong Kong77642
India1313121113
Ireland6969676561
Isle of Man355355352350342
Jersey5757524943
Kenya22222
Latvia33333
Liechtenstein22222
Luxembourg22222
Malta3636383837
Mauritius11122
Netherlands4139373417
New Zealand3231302932
Norway11111
South Africa1
Sweden11112
Switzerland11112
USA22222
      
      
Totals:16941657158115201351

Data Source: HMRC

HMRC QROPS List – Changes

QROPS pensions added, amended or removed from the list since June 15, 2019.

QROPSCountryAddedAmended Removed
     
Collier Superannuation FundAustraliax  
Cooper Super FundAustraliax  
Dead Tan & Ginger Superannuation FundAustraliax  
Hobbs Super (UK) FundAustraliax  
Julpet Superannuation FundAustraliax  
Logan Antrobus Superannuation FundAustraliax  
Macmillan Family Super FundAustraliax  
Mooney Family Superannuation FundAustraliax  
Neal Brabon Self Managed Super FundAustraliax  
S&L Superannuation FundAustraliax  
Tracey Delves Super FundAustraliax  
Treasure Chest SMSFAustraliax  
Longair and Pumphrey SMSFAustralia  x
ABN AMRO (Channel Islands) Limited Defined Contribution Pension SchemeGuernsey  x
Boston Pension SchemeIsle of Man  x
Stichting Bedrijfstakpensioenfonds voor de Handel in Bouwmaterialen in NederlandNetherlandsx  
i-Select PIE Superannuation SchemeNew Zealandx  
     
Totals: 1403
     
Net change: 11  

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 this before transferring any money.

The next HM Revenue and Customs QROPS List is scheduled for July 15, 2019.

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
  • 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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