QROPS List – June 15, 2020

Lisa Smith, BA (Hons), CeFA
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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

CountryNo of QROPS
Australia1169
Austria4
Barbados1
Belgium3
Bulgaria3
Canada3
Denmark2
EU Institution1
Finland1
Germany7
Gibraltar38
Guernsey65
Hong Kong10
India13
Ireland71
Isle of Man362
Jersey65
Kenya2
Latvia3
Liechtenstein1
Luxembourg2
Malta34
Netherlands56
New Zealand32
Norway1
Sweden1
Switzerland2
USA2
Grand Total1954
Data Source: HMRC

HMRC QROPS List – Top 10 countries

Countries by number of QROPS listed offering the most QROPS

CountryNo of QROPS
Australia1169
Isle of Man362
Ireland71
Guernsey65
Jersey65
Netherlands56
Gibraltar38
Malta34
New Zealand32
India13
Grand Total1905
Data Source: HMRC

HMRC QROPS List – Changes

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

QROPSCountryAddedAmendedRemoved
Alison J Ainsworth Superannuation FundAustraliax
Beck Super FundAustraliax
C Andrew JeffersonAustraliax
Clappersgate SuperAustraliax
Coco Super FundAustraliax
Coutts Superannuation FundAustraliax
DHB Whitehurst SMSFAustraliax
Dr Nicola Louise McBlain Superannuation FundAustraliax
Edwards Super FundAustraliax
Foxworth Super FundAustraliax
Harbuz Retirement FundAustraliax
Ian Wadforth Superannuation FundAustraliax
K.J & A Crane Superannuation FundAustraliax
Mansfield SuperfundAustraliax
MISU 2000 Superannuation FundAustraliax
Moseley Super FundAustraliax
Nervy & James Superannuation FundAustraliax
Parrish Family Super FundAustraliax
PB Investment FundAustraliax
Powell Super FundAustraliax
Q4 SuperAustraliax
R M Harris Superannuation FundAustraliax
SIRRON SUPERANNUATION FUNDAustraliax
Smith & Longden Superannuation FundAustraliax
SS King Super FundAustraliax
Stephen Jones and Joanne-Neave Jones SuperAustraliax
Strudders Super FundAustraliax
T & J Garvan Super FundAustraliax
Welsh SMSFAustraliax
Willis Family Super FundAustraliax
Woodpine Super FundAustraliax
Aria IP Gibraltar QROPS Pension SchemeGibraltarx
Aurora Europa Lite Pensions TrustGibraltarx
Berkeley Retirement Benefit SchemeGibraltarx
Evolve Retirement Benefit SchemeGibraltarx
Kevin Gallagher SSAPIrelandx
Stichting Personeelspensioenfonds APGNetherlandsx
Totals:3700
QROPS listed June 01, 2020: 1917
Net change since June 01, 2020: 37
QROPS listed June 15, 2020: 1954
QROPS country  AddedRemoved
Totals:00
Countries with QROPS listed June 01, 2020: 28
Net change since June 01, 2020: 0
Countries with QROPS listed June 15, 2020: 28
Data Source: HMRC

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

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