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.
Table of contents
HMRC QROPS List – By country
Country | No of QROPS |
Australia | 1474 |
Austria | 4 |
Barbados | 1 |
Belgium | 4 |
Bulgaria | 3 |
Canada | 3 |
Denmark | 1 |
EU Institution | 1 |
Finland | 2 |
Germany | 7 |
Gibraltar | 30 |
Guernsey | 71 |
Hong Kong | 11 |
India | 18 |
Ireland | 72 |
Isle of Man | 368 |
Jersey | 75 |
Kenya | 2 |
Latvia | 4 |
Liechtenstein | 1 |
Luxembourg | 2 |
Malta | 32 |
Netherlands | 81 |
New Zealand | 38 |
Norway | 1 |
Slovakia | 1 |
Sweden | 2 |
Switzerland | 2 |
Grand Total | 2311 |
HMRC QROPS List – Top 10 countries
Countries by number of QROPS listed offering the most QROPS
Country | No of QROPS |
Australia | 1474 |
Isle of Man | 368 |
Netherlands | 81 |
Jersey | 75 |
Ireland | 72 |
Guernsey | 71 |
New Zealand | 38 |
Malta | 32 |
Gibraltar | 30 |
India | 18 |
Grand Total | 2259 |
HMRC QROPS List – Changes
QROPS pensions added, amended, or removed in the latest list
QROPS | Country | Added | Amended | Removed |
Carmody Hopley Superannuation Fund | Australia | x | ||
HRH Superfund | Australia | x | ||
Maida Vale Super Fund | Australia | x | ||
Mark Testrow Superannuation Fund | Australia | x | ||
NSNO59CRJ Super Fund | Australia | x | ||
Thompson ROPS Super Fund | Australia | x | ||
Thomson Watt Superannuation Fund | Australia | x | ||
Trevor Tame Super Fund | Australia | x | ||
Trustee for Edward Street Fund | Australia | x | ||
Trustee for Karen’s Retirement Super Fund | Australia | x | ||
Whistlecroft Superannuation Fund | Australia | x | ||
Womersley SMSF | Australia | x | ||
J&J Pension Fund OFP | Belgium | x | ||
Shields D Personal Pension Scheme | Isle of Man | x | ||
Spotify Netherlands BV by Brand New Day | Netherlands | x | ||
i-Select SMS 20 Fund | New Zealand | x | ||
Totals: | 16 | 0 | 0 | |
QROPS listed July 01, 2021: | 2295 | |||
Net change since July 01, 2021: | 16 | |||
QROPS listed July 15, 2021: | 2311 | |||
QROPS country | Added | Removed | ||
N\a | ||||
Totals: | 0 | 0 | ||
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.