QROPS List – June 1, 2021

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British expats in Australia are rushing to start their offshore pensions before the June 30 tax year-end deadline.

Every year sees a horde of expats rushing to beat the countdown.

This year is no different, with 79 Australia QROPS opening in the past month.

Australia is by far the country hosting the most QROPS offshore pensions for expats, with a count of 1,437.

QROPS also opened in Finland, the Isle of Man, New Zealand and Sweden during the past two weeks.

The global total now stands at 2,266 – the highest number since June 2015 when HM Revenue & Customs changed some of the rules governing the scheme which saw more than 3,000 QROPS delisted.

HMRC QROPS List – By country

CountryNo of QROPS
Australia1437
Austria4
Barbados1
Belgium3
Bulgaria3
Canada3
Denmark1
EU Institution1
Finland2
Germany8
Gibraltar30
Guernsey71
Hong Kong11
India17
Ireland72
Isle of Man367
Jersey74
Kenya2
Latvia3
Liechtenstein1
Luxembourg2
Malta32
Netherlands79
New Zealand37
Norway1
Sweden2
Switzerland2
Grand Total2266

Source: HMRC

HMRC QROPS List – Top 10 countries

Countries by number of QROPS listed offering the most QROPS

CountryNo of QROPS
Australia1437
Isle of Man367
Netherlands79
Jersey74
Ireland72
Guernsey71
New Zealand37
Malta32
Gibraltar30
India17
Grand Total2216

Data Source: HMRC

HMRC QROPS List – Changes

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

QROPSCountryAddedAmendedRemoved
Bakes and Perso SMSFAustraliax
Baruch FundAustraliax
Blue Gate Superannuation FundAustraliax
Carnegie Family Super FundAustraliax
Chiddingfold SMSFAustraliax
Childs Family Super FundAustraliax
Dardy Super FundAustraliax
Dowell Super FundAustraliax
The Fit & Thriving Super FundAustraliax
Goosander Retirement FundAustraliax
Gorell Superannuation FundAustraliax
GrahamHeatherStokes Super FundAustraliax
Grinter Super FundAustraliax
Harman ROPS FundAustraliax
Linda Harding Super FundAustraliax
Nicholas Self Managed Superannuation FundAustraliax
Oehme Family Super FundAustraliax
Platform One SMSFAustraliax
Sixty Canford SMSFAustraliax
Varma Mutual Pension Insurance CompanyFinlandx
Howe SIPPIsle of Manx
i-Select Pension Scheme No. 1New Zealandx
Futur pensionSwedenx
   
Totals:2300
QROPS listed May 17, 2021:2243
Net change since May 17, 2021:23
QROPS listed June 01, 2021:2266
QROPS country  AddedRemoved
N\a
  
Totals:00
Countries with QROPS listed May 17, 2021:28
Net change since May 17, 2021:0
 
Countries with QROPS listed June 01, 2021:28
The next QROPS list is due on June 16, 2021

QROPS List FAQ

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

What the list means and how to use the data is often misunderstood, so here are the answers to some of the most sked 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 certain to be QROPS. Retirement savers should check the latest QROPS list before transferring any money.

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
  • 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
  • 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 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

Why does HMRC remove pensions from the QROPS List?

Pensions are delisted 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, so is excluded from the list

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

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