Retirement

QROPS List – July 15, 2018

With 18 new QROPS added and seven delisted, the HM Revenue & Customs QROPS List has grown to 1,353 schemes available worldwide.

Most were added in Australia (7), while Guernsey, Jersey, the Isle of Man and Malta also gained QROPS pensions for expats.

HMRC QROPS List – By country

Financial jurisdictionNo of QROPS
Australia683
Austria5
Barbados1
Belgium1
Bulgaria3
Denmark2
EU Institution1
Finland1
Germany9
Gibraltar30
Guernsey52
Hong Kong2
India13
Ireland60
Isle of Man343
Jersey43
Kenya2
Latvia3
Liechtenstein2
Luxembourg2
Malta36
Mauritius2
Netherlands17
New Zealand32
Norway1
South Africa1
Sweden2
Switzerland2
USA2
Total:1353

HMRC QROPS List – Changes

QROPSChangeCountry
Anne Hynes & Philip Wilson SMSFAddedAustralia
BucketfundAddedAustralia
Coconino Superannuation FundAddedAustralia
CONPED55 Super FundAddedAustralia
Davies Family Super FundAddedAustralia
HDZ Superannuation FundAddedAustralia
Margaret Currie Super FundAddedAustralia
Shantelle Super FundAddedAustralia
SM & AD Edge Super FundAddedAustralia
Smithdownunder SuperAddedAustralia
SuperPeteFundAddedAustralia
FAMILIENVORSORGE Lebensversicherung AGDeletedGermany
Centurion Retirement Annuity Trust SchemeDeletedGibraltar
No. 4 Retirement Annuity Trust SchemeAddedGuernsey
Justin Turner Personal Retirement BondDeletedIreland
C J & M R Johnson SIPP No 2AddedIsle of Man
Little N & F SIPPAddedIsle of Man
Ruxton SIPPDeletedIsle of Man
Beech House Pension LtdAddedJersey
BNP Paribas Offshore Pension PlanAddedJersey
Gulyas Pension LimitedAddedJersey
Future Retirement TrustDeletedJersey
Azure Retirement Benefit SchemeAddedMalta
US Voyager Retirement PlanDeletedMalta
Voyager Retirement PlanDeletedMalta

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 August 1, 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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