QROPS List – May 4, 2021

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Australia has seen a huge surge in QROPS offshore pensions for expats as the financial year end approaches.

Expats are making the most of their tax allowances by setting up new QROPS before the national financial year ends on June 30.

The rush has seen 38 new QROPS open, while one closed and another had scheme rules amended since April 19, when the last official HMRC QROPS List was published.

Australia now has 1,405 QROPS pensions – the most since the 1653 listed in June 2015, when QROPS rules changed and many offshore pensions around the world lost their QROPS status.

Other countries adding single QROPS were Guernsey, the Isle of Man, Jersey and New Zealand.

Meanwhile, Slovakia joined the QROPS List for the first time with a single pension, becoming the 56th country to join the listing since April 2006, when QROPS were launched.

HMRC QROPS List – By country

CountryNo of QROPS
Australia1405
Austria4
Barbados1
Belgium3
Bulgaria3
Canada3
Denmark1
EU Institution1
Finland1
Germany8
Gibraltar30
Guernsey70
Hong Kong11
India17
Ireland72
Isle of Man366
Jersey73
Kenya2
Latvia3
Liechtenstein1
Luxembourg2
Malta32
Netherlands76
New Zealand36
Norway1
Slovakia1
Sweden1
Switzerland2
Grand Total2226
Source: HMRC

HMRC QROPS List – Top 10 countries

Countries by number of QROPS listed offering the most QROPS

CountryNo of QROPS
Australia1405
Isle of Man366
Netherlands76
Jersey73
Ireland72
Guernsey70
New Zealand36
Malta32
Gibraltar30
India17
Grand Total2177
Data Source: HMRC

HMRC QROPS List – Changes

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

QROPSCountryAddedAmendedRemoved
Cygnet Superannuation SchemeAustraliax
Ruscojul Super FundAustraliax
A & S Davison Superannuation FundAustraliax
Agnew Superannuation FundAustraliax
AW & JNW Superannuation FundAustraliax
Ausco SMSF TrustAustraliax
Bagga Family Super FundAustraliax
Bickell Superannuation FundAustraliax
Bringing Home The Bacon SuperAustraliax
Carole Gibbons SMSFAustraliax
Cawte Family Superannation FundAustraliax
Clifton ROPS FundAustraliax
D and D Beardsmore SMSF Super FundAustraliax
D&M Duffy Super FundAustraliax
DMKK Super FundAustraliax
Donal Ryan Superannuation FundAustraliax
Duffield Superannuation FundAustraliax
Higgins Superannuation FundAustraliax
Jasper Superannuation FundAustraliax
Joanne Jordan Superannuation FundAustraliax
John Jenkins SuperfundAustraliax
Laurenson Self-Managed Super 2021Australiax
Mardel Superannuation FundAustraliax
Miller Freedom Super FundAustraliax
N & I Hornby SMSFAustraliax
Nightingale Family QROPS Superannuation FundAustraliax
Palfrey Family Super FundAustraliax
PR Thompson SuperAustraliax
R & J Parsons Superannuation FundAustraliax
R & K Attrill Family Superannation FundAustraliax
Raemers ROPS FundAustraliax
Reay Island Super FundAustraliax
Rosser Family Super FundAustraliax
Sagoya Clarke SuperAustraliax
Scozzie Pension Pot Super FundAustraliax
Segue Too Superannuation FundAustraliax
SG-2 Super FundAustraliax
Susan Diamond SMSFAustraliax
Terry Hunt Superannation FundAustraliax
Toal Super FundAustraliax
Vokoso SuperAustraliax
Woodburn SMSFAustraliax
Winford Investment Superannuation FundAustraliax
Harris Retirement Annuity Trust SchemeGuernseyx
Fluffy Personal Pension SchemeIsle of Manx
Luca Pensions LimitedJerseyx
i-Select SMS 19 FundN Zealandx
NN Tatry-Sympatia, d.d.s., a.s.Slovakiax
   
Totals:4611
QROPS listed April 19, 2021: 2183
Net change since April 19, 2021: 45
QROPS listed May 04, 2021: 2228
QROPS country  AddedRemoved
Slovakiax
  
Totals:10
Countries with QROPS listed April 19, 2021: 27
Net change since April 19, 2021: 1
 
Countries with QROPS listed May 04, 2021: 28
The next QROPS list is due on May 15, 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
  • Slovakia
  • 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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