The world of the Qualifying Recognised Overseas Pension Scheme (QROPS) has settled down for expat retirement savers after several weeks of rule changes.
Since Chancellor Phillip Hammond’s Budget 2017 in March, more than 400 offshore pensions have lost QROPS status and a 25% transfer tax aimed at tackling avoidance has been introduced.
The latest QROPS list shows another three pensions missing – with the net opening and closing schemes showing the QROPS List is shorter by 402 pensions in the past two weeks.
This week, five pension were added to the list – two each in Australia and Ireland, with another in Austria.
Eight were delisted – six from the Isle of Man and two from Jersey.
Another QROPS cull on the way?
That leaves 934 QROPS open for transfers worldwide, compared with 1,342 on April 6 and 1,134 a year ago.
More QROPS delistings may be on the way as HMRC has warned a compliance check is on the way in June.
QROPS are available in 30 countries and are aimed at making retirement cash easier to access for expats and international workers with pension pots in the UK.
Since April 2006, around 110,000 retirement savers have switched an estimated £8.8 billion from their UK pensions to QROPS.
The next HM Revenue and Customs (HMRC) QROPS List is scheduled for May 15.
Click here for more information about QROPS changes
For more information about QROPS and the benefits it provides, download the iExpats QROPS Guide or complete the Get Advice form.
QROPS List By Financial Jurisdiction
| Country | No of QROPS |
|---|---|
| Australia | 355 |
| Austria | 6 |
| Barbados | 1 |
| Belgium | 1 |
| Bulgaria | 3 |
| Denmark | 1 |
| European Union | 1 |
| Finland | 1 |
| Germany | 9 |
| Gibraltar | 44 |
| Guernsey | 52 |
| Hong Kong | 21 |
| Hungary | 1 |
| India | 13 |
| Ireland | 49 |
| Isle of Man | 236 |
| Jersey | 47 |
| Kenya | 1 |
| Latvia | 3 |
| Liechtenstein | 1 |
| Luxembourg | 2 |
| Malta | 34 |
| Mauritius | 2 |
| Netherlands | 13 |
| New Zealand | 30 |
| Norway | 1 |
| South Africa | 3 |
| Spain | 1 |
| Switzerland | 1 |
| United States | 1 |
| Total: | 934 |
Source: HMRC
The table shows the net number of schemes, accounting for new listings and removals since the publication of the last list.
