QROPS List – July 15, 2021

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Expats opened another 16 offshore pensions in the past two weeks, according to official data.

The Qualifying Recognised Overseas Pension Schemes (QROPS) spread across five countries – Australia (12) and one in Belgium, the Isle of Man, Netherlands and New Zealand.

Australia now has 1,474 QROPS, accounting for 66 per cent of the market by the number of pensions.

The HM Revenue & Customs QROPS List for July 15, 2021,  lists 2,311 pensions in 28 countries worldwide – the most since June 2015 when a change in QROPS rules saw 3,000 pensions delisted overnight.

HMRC QROPS List – By country

CountryNo of QROPS
Australia1474
Austria4
Barbados1
Belgium4
Bulgaria3
Canada3
Denmark1
EU Institution1
Finland2
Germany7
Gibraltar30
Guernsey71
Hong Kong11
India18
Ireland72
Isle of Man368
Jersey75
Kenya2
Latvia4
Liechtenstein1
Luxembourg2
Malta32
Netherlands81
New Zealand38
Norway1
Slovakia1
Sweden2
Switzerland2
Grand Total2311

HMRC QROPS List – Top 10 countries

Countries by number of QROPS listed offering the most QROPS

CountryNo of QROPS
Australia1474
Isle of Man368
Netherlands81
Jersey75
Ireland72
Guernsey71
New Zealand38
Malta32
Gibraltar30
India18
Grand Total2259

HMRC QROPS List – Changes

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

QROPSCountryAddedAmendedRemoved
Carmody Hopley Superannuation FundAustraliax
HRH SuperfundAustraliax
Maida Vale Super FundAustraliax
Mark Testrow Superannuation FundAustraliax
NSNO59CRJ Super FundAustraliax
Thompson ROPS Super FundAustraliax
Thomson Watt Superannuation FundAustraliax
Trevor Tame Super FundAustraliax
Trustee for Edward Street FundAustraliax
Trustee for Karen’s Retirement Super FundAustraliax
Whistlecroft Superannuation FundAustraliax
Womersley SMSFAustraliax
J&J Pension Fund OFPBelgiumx
Shields D Personal Pension SchemeIsle of Manx
Spotify Netherlands BV by Brand New DayNetherlandsx
i-Select SMS 20 FundNew Zealandx
   
Totals:1600
QROPS listed July 01, 2021: 2295
Net change since July 01, 2021: 16
QROPS listed July 15, 2021: 2311
QROPS country  AddedRemoved
N\a
  
Totals:00
Countries with QROPS listed July 01, 2021: 28
Net change since July 01, 2021: 0
 
Countries with QROPS listed July 15, 2021: 28
The next QROPS list is due on August 01, 2021

QROPS List FAQ

The QROPS List is an invaluable free tool for advisers and retirement savers seeking an expat pension.

How to use the data is often misunderstood, so here are the answers to some of the most asked questions about QROPS expat pensions.

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 sure to be QROPS. So retirement savers should check the latest QROPS list before transferring any money.

QROPS Overseas Transfer Charge

The overseas transfer charge is 25% of the transfer value of a fund moved 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
  • Ireland
  • Latvia
  • Liechtenstein
  • Luxembourg
  • Malta
  • The Netherlands
  • Norway
  • Slovakia
  • Sweden

QROPS countries outside the EEA

Outside the EEA, expats are subject to the transfer charge if they do not live in the same country as the pension is administered – these are:

  • Australia
  • Barbados
  • Canada
  • Gibraltar
  • Guernsey
  • Hong Kong (China)
  • India
  • Isle of Man
  • Jersey
  • Kenya
  • New Zealand
  • South Africa
  • Switzerland

Other exceptions to the transfer charge may apply if an employer or multinational non-government organisation runs the scheme, such as the EU QROPS.

A five-year residence rule may also apply.

Click here for official guidance on the overseas transfer charge

Why does HMRC remove pensions from the QROPS List?

HMRC delists QROPS for several reasons, including:

  • The provider shuts shop
  • The last pension member has left the scheme, either by transferring out, dying or exhausting the fund
  • Tax avoidance issues
  • The scheme stays a QROPS, but the provider invokes confidentiality, excluding the pension from the list

Delisting should not suggest wrongdoing by a retirement saver or provider.

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