The number of offshore pensions for expats has jumped by the most in nearly two years, according to the latest QROPS List from HMRC.
Between June 1 and June 15, the count surged by 37 QROPS – the largest increase since September 2017 when 38 pensions were added to the list.
The June 15, 2020 list shows Australia adding 31 QROPS, Gibraltar four and Ireland and The Netherlands one each.
The increase coincides with the start of a new tax year in Australia on July 1, which gives retirement savers a chance to mop tax allowances and reliefs for earlier years that are lost when the tax year changes.
The new pensions take the total on the HMRC QROPS List to 1,954 across 28 countries.
HMRC QROPS List – By country
| Country | No of QROPS |
|---|---|
| Australia | 1169 |
| Austria | 4 |
| Barbados | 1 |
| Belgium | 3 |
| Bulgaria | 3 |
| Canada | 3 |
| Denmark | 2 |
| EU Institution | 1 |
| Finland | 1 |
| Germany | 7 |
| Gibraltar | 38 |
| Guernsey | 65 |
| Hong Kong | 10 |
| India | 13 |
| Ireland | 71 |
| Isle of Man | 362 |
| Jersey | 65 |
| Kenya | 2 |
| Latvia | 3 |
| Liechtenstein | 1 |
| Luxembourg | 2 |
| Malta | 34 |
| Netherlands | 56 |
| New Zealand | 32 |
| Norway | 1 |
| Sweden | 1 |
| Switzerland | 2 |
| USA | 2 |
| Grand Total | 1954 |
HMRC QROPS List – Top 10 countries
Countries by number of QROPS listed offering the most QROPS
| Country | No of QROPS |
|---|---|
| Australia | 1169 |
| Isle of Man | 362 |
| Ireland | 71 |
| Guernsey | 65 |
| Jersey | 65 |
| Netherlands | 56 |
| Gibraltar | 38 |
| Malta | 34 |
| New Zealand | 32 |
| India | 13 |
| Grand Total | 1905 |
HMRC QROPS List – Changes
QROPS pensions added, amended, or removed in the latest list
| QROPS | Country | Added | Amended | Removed |
|---|---|---|---|---|
| Alison J Ainsworth Superannuation Fund | Australia | x | ||
| Beck Super Fund | Australia | x | ||
| C Andrew Jefferson | Australia | x | ||
| Clappersgate Super | Australia | x | ||
| Coco Super Fund | Australia | x | ||
| Coutts Superannuation Fund | Australia | x | ||
| DHB Whitehurst SMSF | Australia | x | ||
| Dr Nicola Louise McBlain Superannuation Fund | Australia | x | ||
| Edwards Super Fund | Australia | x | ||
| Foxworth Super Fund | Australia | x | ||
| Harbuz Retirement Fund | Australia | x | ||
| Ian Wadforth Superannuation Fund | Australia | x | ||
| K.J & A Crane Superannuation Fund | Australia | x | ||
| Mansfield Superfund | Australia | x | ||
| MISU 2000 Superannuation Fund | Australia | x | ||
| Moseley Super Fund | Australia | x | ||
| Nervy & James Superannuation Fund | Australia | x | ||
| Parrish Family Super Fund | Australia | x | ||
| PB Investment Fund | Australia | x | ||
| Powell Super Fund | Australia | x | ||
| Q4 Super | Australia | x | ||
| R M Harris Superannuation Fund | Australia | x | ||
| SIRRON SUPERANNUATION FUND | Australia | x | ||
| Smith & Longden Superannuation Fund | Australia | x | ||
| SS King Super Fund | Australia | x | ||
| Stephen Jones and Joanne-Neave Jones Super | Australia | x | ||
| Strudders Super Fund | Australia | x | ||
| T & J Garvan Super Fund | Australia | x | ||
| Welsh SMSF | Australia | x | ||
| Willis Family Super Fund | Australia | x | ||
| Woodpine Super Fund | Australia | x | ||
| Aria IP Gibraltar QROPS Pension Scheme | Gibraltar | x | ||
| Aurora Europa Lite Pensions Trust | Gibraltar | x | ||
| Berkeley Retirement Benefit Scheme | Gibraltar | x | ||
| Evolve Retirement Benefit Scheme | Gibraltar | x | ||
| Kevin Gallagher SSAP | Ireland | x | ||
| Stichting Personeelspensioenfonds APG | Netherlands | x | ||
| Totals: | 37 | 0 | 0 | |
| QROPS listed June 01, 2020: | 1917 | |||
| Net change since June 01, 2020: | 37 | |||
| QROPS listed June 15, 2020: | 1954 | |||
| QROPS country | Added | Removed | ||
| Totals: | 0 | 0 | ||
| Countries with QROPS listed June 01, 2020: | 28 | |||
| Net change since June 01, 2020: | 0 | |||
| Countries with QROPS listed June 15, 2020: | 28 |
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
- 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
- Canada
- Guernsey
- Hong Kong (China)
- India
- Isle of Man
- Jersey
- Kenya
- 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
