QROPS List – November 15, 2019

Lisa Smith, BA (Hons), CeFA
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The number of QROPS expat offshore pensions has increased at the rate of one a day over the past year.

The latest HM Revenue & Customs QROPS List published on November 15 details 1806 pensions across 28 financial centres – up 348 pensions from 1488 a year ago.

Expats have seen 10 schemes open since the last list on November 1.

Topping the list is favourite expat destination Australia with 1036 QROPS, making up 57% of all QROPS worldwide.

The Isle of Man is in second place with 358 QROPS pensions listed, which is about 20% of the market.

None of the remaining 26 financial centres has hit triple figures, with Ireland lagging in third place with 69 QROPS.

HMRC QROPS List – By country

CountryNo of QROPS
Australia1036
Austria4
Barbados1
Belgium2
Bulgaria3
Canada2
Denmark2
EU Institution1
Finland1
Germany8
Gibraltar38
Guernsey63
Hong Kong10
India13
Ireland69
Isle of Man358
Jersey62
Kenya2
Latvia3
Liechtenstein2
Luxembourg2
Malta36
Netherlands50
New Zealand33
Norway1
Sweden1
Switzerland1
USA2
Grand Total1806

Data Source: HMRC

HMRC QROPS List – Changes

QROPS pensions added, amended or removed from the list since June 15, 2019.

QROPSCountryAddedAmended Removed
     
Bargmann Family Super FundAustraliax  
Hewlett Family Super FundAustraliax  
Jambo Super FundAustraliax  
James & Lavinia Russell Superannuation FundAustraliax  
Let it Be Superannuation FundAustraliax  
MULLOSULL Superannuation FundAustraliax  
NC Ryan Superannuation FundAustraliax  
NM & LM Superannuation FundAustraliax  
Horizon Guernsey QROPS Pension PlanGuernseyx  
Ronaldsway Aircraft (1979) Pension and Life Assurance SchemeIsle of Manx  
Carpenter Personal Pension SchemeIsle of Man  x
SMS 15 FundNew Zealandx  
     
Totals: 1101
     
QROPS listed November,01,2019:   1796
Net change since November,01,2019:   10
     
QROPS listed November,15,2019:    1806

Data source: HMRC

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 details the changes.

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 this before transferring any money.

The next HM Revenue and Customs QROPS List is scheduled for December 1, 2019.

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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