QROPS List – July 15, 2019

The latest HM Revenue & Customs data for expats with QROPS offshore pensions.

HMRC QROPS List – By country

No of QROPS
Country July 15 2019 1 month age 3 mnths ago 6 mnths ago 1 year ago
Australia 965 944 880 804 683
Austria 4 4 4 5 5
Barbados 1 1 1 1 1
Belgium 1 1 1 1 1
Bulgaria 3 3 3 3 3
Denmark 2 2 2 2 2
EU Institution 1 1 1 1 1
Finland 1 1 1 1 1
Germany 8 8 8 9 9
Gibraltar 32 31 32 31 30
Guernsey 62 62 64 63 52
Hong Kong 8 7 6 4 2
India 12 13 12 11 13
Ireland 69 69 67 65 60
Isle of Man 355 356 353 350 343
Jersey 57 57 53 49 43
Kenya 2 2 2 2 2
Latvia 3 3 3 3 3
Liechtenstein 2 2 2 2 2
Luxembourg 2 2 2 2 2
Malta 36 36 36 38 36
Mauritius 1 1 1 2 2
Netherlands 41 41 38 32 17
New Zealand 32 31 30 29 32
Norway 1 1 37 1 1
South Africa 1
Sweden 1 1 1 1 2
Switzerland 1 1 1 1 2
USA 2 2 2 2 2
         
Totals: 1705 1683 1643 1515 1353

Data Source: HMRC

HMRC QROPS List – Changes

QROPS pensions added, amended or removed from the list since July 1, 2019.

QROPS Country Added Amended Removed
A and A Henry Self Managed Super Fund Australia x
Gilmour Investments Super Fund Australia x
Jumbunna Retirement Fund Australia x
MJ & C Davies Superfund Australia x
ML Swinton Super Australia x
Pearson-Wright Super Fund Australia x
RA & SA Barron Superannuation Fund Australia x
Speight Superfund Australia x
Tour de Faahan Australia x
Wilkinson Super Australia x
Athena QROPS Gibraltar x
Neosourcing Pension Scheme Hong Kong x
Exide Life One Advantage Retirement Plan India x
Charis SIPP Isle of Man x
         
Totals: 13 0 1
Net change: 12

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 Listis scheduled for August 1, 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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