QROPS List – July 1, 2020

Lisa Smith, BA (Hons), CeFA
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Ten new QROPS offshore pensions for expats were added to the official HMRC list in the past two weeks.

While 11 were added, one was amended, and one knocked off the list – leaving a net change of 10 QROPS.

In the last two weeks of June, Australia added nine QROPS and removed one, Germany amended one, while Jersey and The Netherlands added each.

The changes take the total on the HMRC QROPS List to 1,965 across 28 countries. 

HMRC QROPS List – By country

CountryNo of QROPS
Australia1178
Austria4
Barbados1
Belgium3
Bulgaria3
Canada3
Denmark2
EU Institution1
Finland1
Germany7
Gibraltar38
Guernsey65
Hong Kong10
India13
Ireland71
Isle of Man362
Jersey66
Kenya2
Latvia3
Liechtenstein1
Luxembourg2
Malta34
Netherlands57
New Zealand32
Norway1
Sweden1
Switzerland2
USA2
Grand Total1965
Data Source: HMRC

HMRC QROPS List – Top 10 countries

Countries by number of QROPS listed offering the most QROPS

CountryNo of QROPS
Australia1178
Isle of Man362
Ireland71
Jersey66
Guernsey65
Netherlands57
Gibraltar38
Malta34
New Zealand32
India13
Grand Total1916
Data Source: HMRC

HMRC QROPS List – Changes

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

QROPSCountryAddedAmendedRemoved
AM & SJ Hirst Super FundAustraliax
Britsoft Superannuation FundAustraliax
Broons Super FundAustraliax
D & L Lanaway Family Super FundAustraliax
Inch View Retirement Super FundAustraliax
Locke Sinclair Retirement FundAustraliax
Mikesb 1965 Super FundAustraliax
Stairway to Heaven Super FundAustraliax
Super Dooper Superannuation FundAustraliax
Wakefield Super FundAustraliax
Condor Lebensversicherung-AGGermanyx
GlenQ Overseas Pension PlanJerseyx
Pensioenreglement uitkeringsovereenkomst Pensioenfonds PGBNetherlandsx
Totals:1111
QROPS listed June 15, 2020: 1955
Net change since June 15, 2020: 10
QROPS listed July 01, 2020: 1965
QROPS country  AddedRemoved
Totals:00
Countries with QROPS listed June 15, 2020: 28
Net change since June 15, 2020: 0
Countries with QROPS listed July 01, 2020: 28
The next QROPS list is due on July 15, 2020

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 QROPS 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.

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