Australia is still leading the charge to add QROPS offshore pensions for expats before the end of the country’s financial year on June 30.
Expats are on track to make 100 Australia transfers in 2020-21 with 93 opening since May 1
The favourite wantaway destination for British expats is by far the biggest market for QROPS pension transfers. Around 1.7 million British expats live Down Under and only travel lockdowns have seen the number fall during the coronavirus pandemic.
Australia has led the market since QROPS were introduced in April 2006.
Other countries adding QROPS pensions in the past two weeks are the Isle of Man, Jersey, Latvia and The Netherlands – all opening a single new QROPS each.
Three schemes were removed from the latest HM Revenue & Customs QROPS List since the start of the month – one each in Australia, Germany and the Isle of Man.
To date, HMRC has 2,281 QROPS pensions listed, the highest number since June 2015.
HMRC QROPS List – By country
| Country | QROPS pensions |
| Australia | 1450 |
| Austria | 4 |
| Barbados | 1 |
| Belgium | 3 |
| Bulgaria | 3 |
| Canada | 3 |
| Denmark | 1 |
| EU Institution | 1 |
| Finland | 2 |
| Germany | 7 |
| Gibraltar | 30 |
| Guernsey | 71 |
| Hong Kong | 11 |
| India | 17 |
| Ireland | 72 |
| Isle of Man | 367 |
| Jersey | 75 |
| Kenya | 2 |
| Latvia | 4 |
| Liechtenstein | 1 |
| Luxembourg | 2 |
| Malta | 32 |
| Netherlands | 80 |
| New Zealand | 37 |
| Norway | 1 |
| Sweden | 2 |
| Switzerland | 2 |
| Grand Total | 2281 |
HMRC QROPS List – Top 10 countries
Countries by number of QROPS listed offering the most QROPS
| Country | QROPS pensions |
| Australia | 1450 |
| Isle of Man | 367 |
| Netherlands | 80 |
| Jersey | 75 |
| Ireland | 72 |
| Guernsey | 71 |
| New Zealand | 37 |
| Malta | 32 |
| Gibraltar | 30 |
| India | 17 |
| Grand Total | 2231 |
HMRC QROPS List – Changes
QROPS pensions added, amended, or removed in the latest list
| QROPS | Country | Added | Amended | Removed |
| AC & SD Rawnsley SMSF | Australia | x | ||
| Archer Family SMSF | Australia | x | ||
| C and M SMSF | Australia | x | ||
| CAFEJONES Super Fund | Australia | x | ||
| Croft Superannuation Fund | Australia | x | ||
| Fingal Investment Fund | Australia | x | ||
| GADJ Superannuation Fund | Australia | x | ||
| Hawkin Family Super | Australia | x | ||
| Hutchihildi Super Fund | Australia | x | ||
| Macklin Superannuation Fund | Australia | x | ||
| Middleton Family Superannuation Fund | Australia | x | ||
| Nicholls Family Super Trust | Australia | x | ||
| P & A Crammond Super Fund | Australia | x | ||
| Robb Superannuation Fund | Australia | x | ||
| The Trustee for Our Super Future Super Fund | Australia | x | ||
| Versorgungswerk der Aerztekammer Hamburg KdoeR | Germany | x | ||
| Cushag Personal Pension Scheme | Isle of Man | x | ||
| Goodwin Personal Pension Scheme | Isle of Man | x | ||
| Fishpot Limited | Jersey | x | ||
| Pension Plan SEB-Indeksu plans (SEB-Index plan) | Latvia | x | ||
| ABN AMRO Pension Plan 2006 | The Netherlands | x | ||
| Totals: | 18 | 0 | 3 | |
| QROPS listed June 01, 2021: | 2266 | |||
| Net change since June 01, 2021: | 15 | |||
| QROPS listed June 15, 2021: | 2281 | |||
| QROPS country | Added | Removed | ||
| N\a | ||||
| Totals: | 0 | 0 | ||
| Countries with QROPS listed June 01, 2021: | 27 | |||
| Net change since June 01, 2021: | 0 | |||
| Countries with QROPS listed June 15, 2021: | 27 | |||
| The next QROPS list is due on July 01, 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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