QROPS List – June 1, 2019

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

Learn more about QROPS here

HMRC QROPS List – By country

Country	No of QROPS
	June 1 2019	1 month ago	3 mnths ago	6 mnths ago	1 year ago
Australia	919	905	855	803	653
Austria	4	4	4	5	4
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	9	9	11
Gibraltar	32	32	31	31	41
Guernsey	63	63	64	60	50
Hong Kong	7	7	6	4	2
India	13	12	12	11	13
Ireland	69	69	67	65	62
Isle of Man	355	353	352	350	341
Jersey	57	57	52	49	40
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	38	38	37
Mauritius	1	1	1	2	2
Netherlands	39	39	37	32	18
New Zealand	31	30	30	29	32
Norway	1	1	1	1	1
South Africa	–	–	–	–	1
Sweden	1	1	1	2	2
Switzerland	1	1	1	1	2
USA	2	2	2	2	3
Totals:	1657	1639	1581	1512	1333

Data Source: HMRC

HMRC QROPS List – Changes

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

QROPS	Country	Added	Amended	Removed
Aaggersberg Superfund	Australia	x
Bluesalt Super Fund	Australia	x
Clive Phillips Superannuation Fund	Australia	x
DK Super Fund	Australia	x
Elvin Superannuation Fund	Australia	x
Eyup Super	Australia	x
Goodland Super Fund	Australia	x
Jelinek QROPS Super Fund	Australia	x
Kirk Superannuation Fund	Australia	x
MPG Family Superannuation Fund	Australia	x
P&B Lee Super Fund	Australia	x
Romo Super Fund	Australia	x
SJ Kennington Super Fund	Australia	x
Tim Cox Super Fund	Australia	x
Exide Life New Immediate Annuity with Return of Purchase Price	India	x
Happy Days Personal Pension Scheme	Isle of Man	x
Mountain Ash Scheme	Isle of Man	x
SMS 13 Fund	New Zealand	x
Totals:		18	0	0
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