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
| Country | No of QROPS | % of all QROPS |
| Australia | 1095 | 58.52% |
| Isle of Man | 360 | 19.24% |
| Ireland | 69 | 3.69% |
| Guernsey | 66 | 3.53% |
| Jersey | 64 | 3.42% |
| Netherlands | 55 | 2.94% |
| Malta | 35 | 1.87% |
| Gibraltar | 34 | 1.82% |
| New Zealand | 32 | 1.71% |
| India | 13 | 0.69% |
| Hong Kong | 10 | 0.53% |
| Germany | 7 | 0.37% |
| Austria | 4 | 0.21% |
| Canada | 3 | 0.16% |
| Bulgaria | 3 | 0.16% |
| Latvia | 3 | 0.16% |
| USA | 2 | 0.11% |
| Switzerland | 2 | 0.11% |
| Belgium | 2 | 0.11% |
| Kenya | 2 | 0.11% |
| Luxembourg | 2 | 0.11% |
| Denmark | 2 | 0.11% |
| Sweden | 1 | 0.05% |
| Finland | 1 | 0.05% |
| Liechtenstein | 1 | 0.05% |
| Barbados | 1 | 0.05% |
| Norway | 1 | 0.05% |
| EU Institution | 1 | 0.05% |
| Total: | 1871 |
Data Source: HMRC
HMRC QROPS List – Changes
QROPS pensions added, amended or removed from the latest list
| QROPS | Country | Added | Amended | Removed |
| C&J Kind Family Super Fund | Australia | x | ||
| David Atchison SMSF | Australia | x | ||
| Hearn Family Superannuation Fund | Australia | x | ||
| Hing Family Super Fund | Australia | x | ||
| I Abraham Super Fund | Australia | x | ||
| Nick McAndrew SMSF | Australia | x | ||
| Ogle-Lang Super Fund | Australia | x | ||
| Savage Bibendum QROPS SMSF | Australia | x | ||
| Tyler Retirement Fund | Australia | x | ||
| Yosemite Superannuation Fund | Australia | x | ||
| En Tontine Pension Trust | Guernsey | x | ||
| SSAS 7 Fund | New Zealand | x | ||
| Totals: | 11 | 0 | 1 | |
| QROPS listed March 15, 2020: | 1871 | |||
| QROPS listed March 01, 2020: | 1861 | |||
| Net change since March 01, 2020: | 10 | |||
| QROPS country | Added | Removed | ||
| – | – | – | ||
| Totals: | 0 | 0 | ||
| 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
