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
Country | No of QROPS |
Australia | 1437 |
Austria | 4 |
Barbados | 1 |
Belgium | 3 |
Bulgaria | 3 |
Canada | 3 |
Denmark | 1 |
EU Institution | 1 |
Finland | 2 |
Germany | 8 |
Gibraltar | 30 |
Guernsey | 71 |
Hong Kong | 11 |
India | 17 |
Ireland | 72 |
Isle of Man | 367 |
Jersey | 74 |
Kenya | 2 |
Latvia | 3 |
Liechtenstein | 1 |
Luxembourg | 2 |
Malta | 32 |
Netherlands | 79 |
New Zealand | 37 |
Norway | 1 |
Sweden | 2 |
Switzerland | 2 |
Grand Total | 2266 |
Source: HMRC
HMRC QROPS List – Top 10 countries
Countries by number of QROPS listed offering the most QROPS
Country | No of QROPS |
Australia | 1437 |
Isle of Man | 367 |
Netherlands | 79 |
Jersey | 74 |
Ireland | 72 |
Guernsey | 71 |
New Zealand | 37 |
Malta | 32 |
Gibraltar | 30 |
India | 17 |
Grand Total | 2216 |
Data Source: HMRC
HMRC QROPS List – Changes
QROPS pensions added, amended, or removed in the latest list
QROPS | Country | Added | Amended | Removed |
Bakes and Perso SMSF | Australia | x | ||
Baruch Fund | Australia | x | ||
Blue Gate Superannuation Fund | Australia | x | ||
Carnegie Family Super Fund | Australia | x | ||
Chiddingfold SMSF | Australia | x | ||
Childs Family Super Fund | Australia | x | ||
Dardy Super Fund | Australia | x | ||
Dowell Super Fund | Australia | x | ||
The Fit & Thriving Super Fund | Australia | x | ||
Goosander Retirement Fund | Australia | x | ||
Gorell Superannuation Fund | Australia | x | ||
GrahamHeatherStokes Super Fund | Australia | x | ||
Grinter Super Fund | Australia | x | ||
Harman ROPS Fund | Australia | x | ||
Linda Harding Super Fund | Australia | x | ||
Nicholas Self Managed Superannuation Fund | Australia | x | ||
Oehme Family Super Fund | Australia | x | ||
Platform One SMSF | Australia | x | ||
Sixty Canford SMSF | Australia | x | ||
Varma Mutual Pension Insurance Company | Finland | x | ||
Howe SIPP | Isle of Man | x | ||
i-Select Pension Scheme No. 1 | New Zealand | x | ||
Futur pension | Sweden | x | ||
Totals: | 23 | 0 | 0 | |
QROPS listed May 17, 2021: | 2243 | |||
Net change since May 17, 2021: | 23 | |||
QROPS listed June 01, 2021: | 2266 | |||
QROPS country | Added | Removed | ||
N\a | ||||
Totals: | 0 | 0 | ||
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.