QROPS List – October 15, 2019

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The latest HM Revenue & Customs QROPS list for expats with offshore pensions

HMRC QROPS List – By country

CountryNo of QROPS
Australia1026
Austria4
Barbados1
Belgium1
Bulgaria3
Canada2
Denmark2
EU Institution1
Finland1
Germany8
Gibraltar31
Guernsey61
Hong Kong10
India13
Ireland69
Isle of Man358
Jersey62
Kenya2
Latvia3
Liechtenstein2
Luxembourg2
Malta36
Netherlands50
New Zealand32
Norway1
Sweden1
Switzerland1
USA2
Total:1785

Data Source: HMRC

HMRC QROPS List – Changes

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

QROPSCountryAddedAmended Removed
     
Cooper Corporate Superannuation FundAustraliax  
Elman Superannuation FundAustraliax  
Hodgskins Superannuation FundAustraliax  
Hughes and Hughes Super FundAustraliax  
Julian Owens Super FundAustraliax  
Leeds MOT Superannuation FundAustraliax  
Lesley Fromant Superannuation FundAustraliax  
M & G Stebbings Superannuation FundAustraliax  
MRGough Super FundAustraliax  
PJ Hodgson Super FundAustraliax  
Red Dragon Superannuation FundAustraliax  
Richard Womack Super FundAustraliax  
Savill Family Superannuation FundAustraliax  
Stephen D JohnsAustraliax  
TarnagullaAustraliax  
Wagstaff Super FundAustraliax  
IA Clarington Investments Inc Retirement Savings Plan (QROPS)Canadax  
La Mirousse Retirement Annuity Trust SchemeGuernsey  x
Mazarron Retirement Annuity TrustGuernsey  x
Fiduchi International Retirement Trust SchemeJerseyx  
TIBCO Software Services Netherlands BV by Brand New DayNetherlandsx  
NZ Endeavour FundNew Zealand  x
     
Totals: 1903
     
QROPS listed October 1, 2019: 1769  
Net change since October 1, 2019: 16  
     
QROPS listed October 15, 2019: 1785  

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 November 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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