QROPS List – June 1, 2019

Lisa Smith, BA (Hons), CeFA
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The latest HM Revenue & Customs data for expats with QROPS offshore pensions.

Learn more about QROPS here

HMRC QROPS List – By country

CountryNo of QROPS
 June 1 20191 month ago3 mnths ago6 mnths ago1 year ago
Australia919905855803653
Austria44454
Barbados11111
Belgium11111
Bulgaria33333
Denmark22222
EU Institution11111
Finland11111
Germany889911
Gibraltar3232313141
Guernsey6363646050
Hong Kong77642
India1312121113
Ireland6969676562
Isle of Man355353352350341
Jersey5757524940
Kenya22222
Latvia33333
Liechtenstein22222
Luxembourg22222
Malta3636383837
Mauritius11122
Netherlands3939373218
New Zealand3130302932
Norway11111
South Africa1
Sweden11122
Switzerland11112
USA22223
      
Totals:16571639158115121333

Data Source: HMRC

HMRC QROPS List – Changes

QROPS pensions added, amended or removed from the list since May 15, 2019.

QROPSCountryAddedAmended Removed
     
Aaggersberg SuperfundAustraliax  
Bluesalt Super FundAustraliax  
Clive Phillips Superannuation FundAustraliax  
DK Super FundAustraliax  
Elvin Superannuation FundAustraliax  
Eyup SuperAustraliax  
Goodland Super FundAustraliax  
Jelinek QROPS Super FundAustraliax  
Kirk Superannuation FundAustraliax  
MPG Family Superannuation FundAustraliax  
P&B Lee Super FundAustraliax  
Romo Super FundAustraliax  
SJ Kennington Super FundAustraliax  
Tim Cox Super FundAustraliax  
Exide Life New Immediate Annuity with Return of Purchase PriceIndiax  
Happy Days Personal Pension SchemeIsle of Manx  
Mountain Ash SchemeIsle of Manx  
SMS 13 FundNew Zealandx  
     
Totals: 1800
     
Net change: 18  

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 List is scheduled for June 15, 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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