QROPS List – March 15, 2020

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Expats in Australia opened 11 new Qualifying Recognised Overseas Pension Schemes in the past two weeks.

The HM Revenue & Customs QROPS List shows the number of offshore pensions increased to 1,871 across 28 countries –  a net gain of 10 since March 1.

The data shows another pension opened in Guernsey, while one in New Zealand was removed from the list.

Australia leads the listings with 1,095 expat pensions – 58% of all QROPS listed worldwide.

The top 10 QROPS centres represent more than 97% of the QROPS expat pensions available. Only one other country outside the top 10 has QROPS in double figures – Hong Kong, with 10 schemes, which is 0.53% of the market

The QROPS list shows the Isle of Man ranking as the second QROPS centre with 360 pensions, which is almost a 20% share of the market.

HMRC QROPS List – By country

CountryNo of QROPS% of all QROPS
Australia109558.52%
Isle of Man36019.24%
Ireland693.69%
Guernsey663.53%
Jersey643.42%
Netherlands552.94%
Malta351.87%
Gibraltar341.82%
New Zealand321.71%
India130.69%
Hong Kong100.53%
Germany70.37%
Austria40.21%
Canada30.16%
Bulgaria30.16%
Latvia30.16%
USA20.11%
Switzerland20.11%
Belgium20.11%
Kenya20.11%
Luxembourg20.11%
Denmark20.11%
Sweden10.05%
Finland10.05%
Liechtenstein10.05%
Barbados10.05%
Norway10.05%
EU Institution10.05%
Total:1871

Data Source: HMRC

HMRC QROPS List – Changes

QROPS pensions added, amended or removed from the latest list

QROPSCountryAddedAmendedRemoved
C&J Kind Family Super FundAustraliax
David Atchison SMSFAustraliax
Hearn Family Superannuation FundAustraliax
Hing Family Super FundAustraliax
I Abraham Super FundAustraliax
Nick McAndrew SMSFAustraliax
Ogle-Lang Super FundAustraliax
Savage Bibendum QROPS SMSFAustraliax
Tyler Retirement FundAustraliax
Yosemite Superannuation FundAustraliax
En Tontine Pension TrustGuernseyx
SSAS 7 FundNew Zealandx
Totals:1101
QROPS listed March 15, 2020: 1871
QROPS listed March 01, 2020: 1861
Net change since March 01, 2020: 10
 
QROPS country  AddedRemoved
Totals:00
Countries with QROPS listed March 01, 2020: 28
Net change since March 01, 2020: 0
 
Countries with QROPS listed March 15, 2020: 28
The next QROPS list is due on April 01, 2020

 

The first table shows the net number of schemes for each financial jurisdiction, accounting for new listings and removals since the publication of the last list.

The second table shows the QROPS global top 10, while the third details changes in the number of QROPS and countries providing them.

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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