Gibraltar QROPS have come under the tax man’s spotlight with eight schemes axed from the list of expat offshore pensions, according to the latest official data.
Another Jersey QROPS was removed from the HM Revenue & Customs list.
Meanwhile, 13 QROPS were opened in Australia, two each in Gibraltar and Jersey, with one each added in Guernsey and The Netherlands.
The net change was 10 QROPS, taking the global total to 2042 across 28.
Two out of three listed QROPS are based in Australia, which now hosts 1252 of the expat pensions.
HMRC QROPS List – By country
|Country||No of QROPS|
|Isle of Man||362|
HMRC QROPS List – Top 10 countries
Countries by number of QROPS listed offering the most QROPS
|Country||No of QROPS|
|Isle of Man||362|
HMRC QROPS List – Changes
QROPS pensions added, amended, or removed in the latest list
|Bagshaw Family Super Fund||Australia||x|
|Betts QROPS Fund||Australia||x|
|Boaden Superannuation Fund||Australia||x|
|Bolton Super Fund||Australia||x|
|Jennings Family Superannuation Fund||Australia||x|
|Jones & Gray Superannuation Fund||Australia||x|
|Natrisse Superannuation Fund||Australia||x|
|Nigel Brown Super Fund||Australia||x|
|Peter Delroy Williamson Super Fund||Australia||x|
|Rayner Family Super Fund||Australia||x|
|Satya Yuga Super Fund||Australia||x|
|Silcock Superannuation Fund||Australia||x|
|To The Hilt Superannuation Fund||Australia||x|
|Centurion Retirement Annuity Trust Scheme||Gibraltar||x|
|Equus Retirement Annuity Trust Scheme||Gibraltar||x|
|Abacus Retirement Annuity Trust Scheme||Gibraltar||x|
|Andromeda Retirement Annuity Trust Scheme||Gibraltar||x|
|Cornhill Retirement Annuity Trust Scheme||Gibraltar||x|
|Cygnet Retirement Annuity Trust Scheme||Gibraltar||x|
|Fortress Retirement Annuity Trust Scheme||Gibraltar||x|
|Metro Retirement Annuity Trust Scheme||Gibraltar||x|
|Pryce Warner QROPS||Gibraltar||x|
|Resort Group Plc Retirement Annuity Trust Scheme||Gibraltar||x|
|Charlotte Ann Recognised Overseas Pension Scheme||Guernsey||x|
|Affinity Group Pension Trust||Jersey||x|
|Langham Hall Pension Scheme||Jersey||x|
|Luca Pensions Ltd||Jersey||x|
|Acerta Pharma B.V. by Brand New Day||Netherlands||x|
|QROPS listed October 01, 2020:||2029|
|Net change since October 01, 2020:||10|
|QROPS listed October 15, 2020:||2039|
|Countries with QROPS listed October 01, 2020:||28|
|Net change since October 01, 2020:||0|
|Countries with QROPS listed October 15, 2020:||28|
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:
- The Netherlands
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:
- Hong Kong (China)
- Isle of Man
- New Zealand
- South Africa
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.
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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