The United States is the first country to lose QROPS status for more than a year as two offshore expat pensions were delisted.
The Qualifying Recognised Overseas Pension Scheme (QROPS) has a chequered history in the US.
The US has featured on the HM Revenue & Customs (HMRC) QROPS List since the scheme started in April 2006 with a peak of 16 offshore pensions for expats.
In March 2016, the country lost QROPS status until April 2017, but was added to the list again by May 2017.
The Transform Group Simplified Employee Pension Plan was added in October 2017 and the Supply Chain RFID Consulting LLC SEP in March 2018. Both are now delisted.
The USA is the first country to lose QROPS status since Mauritius in October 2019.
The latest QROPS list numbers 2016 pensions, a net increase of seven since the start of November 2020.
Although nine new pensions opened – seven in Australia and two in The Netherlands – the two delisted schemes in the USA reduce the net total.
HMRC QROPS List – By country
| Country | QROPS listed |
|---|---|
| Australia | 1268 |
| Austria | 4 |
| Barbados | 1 |
| Belgium | 3 |
| Bulgaria | 3 |
| Canada | 3 |
| Denmark | 2 |
| EU Institution | 1 |
| Finland | 1 |
| Germany | 8 |
| Gibraltar | 30 |
| Guernsey | 68 |
| Hong Kong | 10 |
| India | 15 |
| Ireland | 70 |
| Isle of Man | 362 |
| Jersey | 67 |
| Kenya | 2 |
| Latvia | 3 |
| Liechtenstein | 1 |
| Luxembourg | 2 |
| Malta | 34 |
| Netherlands | 66 |
| New Zealand | 33 |
| Norway | 1 |
| Sweden | 1 |
| Switzerland | 2 |
| Grand Total | 2062 |
HMRC QROPS List – Top 10 countries
Countries by number of QROPS listed offering the most QROPS
| Country | QROPS listed |
|---|---|
| Australia | 1268 |
| Isle of Man | 362 |
| Ireland | 70 |
| Guernsey | 68 |
| Jersey | 67 |
| Netherlands | 66 |
| Malta | 34 |
| New Zealand | 33 |
| Gibraltar | 30 |
| India | 15 |
| Grand Total | 2013 |
HMRC QROPS List – Changes
QROPS pensions added, amended, or removed in the latest list
| QROPS | Country | Added | Amended | Removed |
| Bradbury Super Fund | Australia | x | ||
| Dehn Superannuation Fund | Australia | x | ||
| Ogle Family Superfund | Australia | x | ||
| P & J James Superannuation Fund | Australia | x | ||
| P J Hughes Superannuation Fund | Australia | x | ||
| Powers & Liew Super Fund | Australia | x | ||
| Sharp Family Super Fund | Australia | x | ||
| Picnic Services B.V. by Brand New Day | Netherlands | x | ||
| PrivacyAgent B.V. by Brand New Day | Netherlands | x | ||
| Supply Chain RFID Consulting LLC SEP | USA | x | ||
| Transform Group Simplified Employee Pension Plan | USA | x | ||
| Totals: | 9 | 0 | 2 | |
| QROPS listed 01/11//2020: | 2054 | |||
| Net change since 01/11//2020: | 7 | |||
| QROPS listed November 15, 2020: | 2061 | |||
| QROPS country | Added | Removed | ||
| USA | x | |||
| Totals: | 0 | 1 | ||
| Countries with QROPS listed 01/11//2020: | 28 | |||
| Net change since 01/11//2020: | 1 | |||
| Countries with QROPS listed November 15, 2020: | 27 | |||
| The next QROPS list is due on December 01, 2020 |
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
- 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
- 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
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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