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Three of four British pension savers dream of retiring to a foreign country, according to a survey by money transfer firm Wyse.
Living in a warmer climate is often the top reason for weaning to up sticks. However, leaving expensive Britain for somewhere cheaper to take out a pension is now a consideration for many expats as the UK struggles with a cost of living crisis.
Almost half (46 per cent) of pension savers aged 55 or older yearn for a better climate, while 36 per cent would leave for a country with a lower cost of living.
Meanwhile, the global number of QROPS has hit 2562 – the highest total for over two years.
During the past two weeks, 11 QROPS have opened, while five have been removed from the HM Revenue & Customs QROPS LIst.
Table of contents
HMRC QROPS List – By Country
| Country | QROPS |
|---|---|
| Australia | 1771 |
| Austria | 3 |
| Barbados | 1 |
| Belgium | 4 |
| Bulgaria | 2 |
| Canada | 6 |
| EU Institution | 1 |
| Germany | 5 |
| Gibraltar | 28 |
| Guernsey | 66 |
| Hong Kong | 12 |
| Iceland | 1 |
| India | 20 |
| Ireland | 51 |
| Isle of Man | 314 |
| Jersey | 89 |
| Kenya | 2 |
| Latvia | 4 |
| Luxembourg | 2 |
| Malta | 32 |
| Netherlands | 102 |
| New Zealand | 40 |
| Norway | 1 |
| Slovakia | 1 |
| Sweden | 2 |
| Switzerland | 2 |
| Grand Total | 2562 |
HMRC QROPS List – Top 10 Countries
Countries by number of QROPS listed offering the most QROPS
| Country | QROPS |
|---|---|
| Australia | 1771 |
| Isle of Man | 314 |
| Netherlands | 102 |
| Jersey | 89 |
| Guernsey | 66 |
| Ireland | 51 |
| New Zealand | 40 |
| Malta | 32 |
| Gibraltar | 28 |
| India | 20 |
| Grand Total | 2513 |
HMRC QROPS List – Changes
QROPS pensions added, amended, or removed in the latest list
| QROPS | Country | Added | Amended | Removed |
| Bee Superannuation Fund | Australia | x | ||
| Hambalt SMSF | Australia | x | ||
| J & C Palmer Superannuation Fund | Australia | x | ||
| M & L Hingert Superannuation Fund | Australia | x | ||
| M&PJ Fund | Australia | x | ||
| McMillan ROPS Fund | Australia | x | ||
| Rainbird Family Superannuation Fund | Australia | x | ||
| SW & KT Crowley Superannuation Fund | Australia | x | ||
| Suthosuper | Australia | x | ||
| Taylor Newman Super Fund | Australia | x | ||
| Vivian ROPS Fund | Australia | x | ||
| DPSS SMSF | Australia | x | ||
| Jackson Tims Super Fund | Australia | x | ||
| Limit Up | Australia | x | ||
| Powell Family Super Fund | Australia | x | ||
| Clever Cat Limited | Jersey | x | ||
| Totals: | 11 | 0 | 5 | |
| QROPS since the last list on June 03, 2023 | 2556 | |||
| Net change since June 03, 2023 | 6 | |||
| QROPS listed July 17, 2023 | 2562 | |||
| QROPS Jurisdictions | Added | Removed | ||
| No change | 0 | 0 | ||
| Totals: | 0 | 0 | ||
| Countries with QROPS listed July 17, 2023 | 26 | |||
| Net change since June 03, 2023 | 0 | |||
| Countries with QROPS listed July 17, 2023 | 26 | |||
| Next HMRC QROPS List due August 01, 2023 | ||||
QROPS List FAQ
The QROPS List is an invaluable free tool for advisers and retirement savers seeking an expat pension.
However, 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 per cent 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
- Germany
- Iceland
- Ireland
- Latvia
- Luxembourg
- Malta
- The Netherlands
- Norway
- Slovakia
- Sweden
QROPS countries 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
- 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 closes
- The last pension member has left the scheme by transferring, 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 imply wrongdoing by a retirement saver or provider.
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