QROPS List – November 01, 2021

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The British taxman has had a busy few days running a rule over offshore pensions for expats.

HM Revenue & Customs has removed 28 pensions from the Qualifying Recognised Overseas Pension Scheme since the last list was published on October 15.

The delistings were balanced by 14 new offshore pensions and three schemes that amended rules.

Most of the activity was in Australia, the country with the most QROPS., where 13 new pensions opened, two saw their contracts amended, and 20 were delisted.

After the QROPS overhaul, 2,365 QROPS are listed worldwide – a drop of 15 on the year’s peak of 2,380 QROPS listed in October.

HMRC QROPS List – Top 10 countries

Countries by number of QROPS listed offering the most QROPS

CountryQROPS registered
Australia1527
Isle of Man364
Netherlands87
Jersey78
Guernsey72
Ireland71
New Zealand36
Gibraltar30
Malta30
India18
Grand Total2313

HMRC QROPS List – By country

CountryQROPS registered
Australia1527
Austria3
Barbados1
Belgium4
Bulgaria3
Canada5
Denmark1
EU Institution1
Finland1
Germany7
Gibraltar30
Guernsey72
Hong Kong10
India18
Ireland71
Isle of Man364
Jersey78
Kenya3
Latvia4
Liechtenstein1
Luxembourg2
Malta30
Netherlands87
New Zealand36
Norway1
Slovakia1
Sweden2
Switzerland2
Grand Total2365
Source: HMRC QROPS LIst

HMRC QROPS List – Changes

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

QROPSCountryAddedAmendedRemoved
7 Diamond Superannuation FundAustraliax
ADP ROPS FundAustraliax
Anlezark Family SMSFAustraliax
Cassells Super FundAustraliax
Dumyat Superannuation FundAustraliax
Forza Superannuation FundAustraliax
GillyssuperAustraliax
Granville SMSFAustraliax
Hughes ROPS FundAustraliax
Hunt ROPS FundAustraliax
Jameson ROPS FundAustraliax
Meese ROPS FundAustraliax
The Trustee for the Cowan Super Retirement FundAustraliax
Archer Family SMSFAustraliax
SGT-2 Super FundAustraliax
CatrionaPallett Superannuation FundAustraliax
DB65 SuperfundAustraliax
Gilmour Family Superannuation FundAustraliax
HWH 4 JVNAustraliax
J & N Bradshaw Superannuation FundAustraliax
Jenkins McGrath Super FundAustraliax
JM Pflaum Super FundAustraliax
Juckes Superannuation FundAustraliax
L Bispham Superannuation FundAustraliax
McCarroll Super FundAustraliax
P & J Sweeney Super FundAustraliax
Peter J Douglas Super FundAustraliax
Ras Retirement FundAustraliax
S & J Thomas Superannuation FundAustraliax
Skeoch Over 55’s Superannuation FundAustraliax
Smith Retirement SMSFAustraliax
Supercrossey FundAustraliax
Synga Super FundAustraliax
Telrass Super FundAustraliax
Wildman Family Super FundAustraliax
Mandatum Life Pension SchemeFinlandx
Europa Lite Pensions TrustGibraltarx
Albion Green Retirement PensionHong Kongx
Blackthorn Pension SchemeIsle of Manx
Bolt Family 2 Personal Pension SchemeIsle of Manx
David Haddow Personal Pension SchemeIsle of Manx
Mayoco Personal Pension SchemeIsle of Manx
Libert Life Boresha Maisha Individual ProvidentKenyax
ITC Personal Retirement SchemeMaltax
Lightfoot Ltd Superannuation SchemeNew Zealandx
   
Totals:14328
QROPS listed October 15, 2021:2378
Net change since October 15, 2021:-14
QROPS listed November 01, 2021:2364
QROPS country  AddedRemoved
N\a
  
Totals:00
Countries with QROPS listed October 15, 2021:28
Net change since October 15, 2021:0
 
Countries with QROPS listed November 01, 2021:28
The next QROPS list is due on November 15, 2021

QROPS List FAQ

The QROPS List is an invaluable free tool for advisers and retirement savers seeking an expat pension.

Using the data is often misunderstood, so here are the answers to some of the most asked 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 sure to be QROPS. So retirement savers should check the latest QROPS list before transferring any money.

QROPS Overseas Transfer Charge

The overseas transfer charge is 25% of the transfer value of a fund moved 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

Outside the EEA, expats are subject to the transfer charge if they do 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 an employer or multinational non-government organisation runs the scheme, 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?

HMRC delists QROPS 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, excluding the pension from the list

Delisting should not suggest wrongdoing by a retirement saver or provider.

Below is a list of related articles you may find of interest.

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