QROPS List – October 15, 2020

Lisa Smith, BA (Hons), CeFA
By

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

CountryNo of QROPS
Australia1252
Austria4
Barbados1
Belgium3
Bulgaria3
Canada3
Denmark2
EU Institution1
Finland1
Germany8
Gibraltar31
Guernsey67
Hong Kong10
India13
Ireland70
Isle of Man362
Jersey67
Kenya2
Latvia3
Liechtenstein1
Luxembourg2
Malta34
Netherlands64
New Zealand32
Norway1
Sweden1
Switzerland2
USA2
Grand Total2042
Data Source: HMRC

HMRC QROPS List – Top 10 countries

Countries by number of QROPS listed offering the most QROPS

CountryNo of QROPS
Australia1252
Isle of Man362
Ireland70
Guernsey67
Jersey67
Netherlands64
Malta34
New Zealand32
Gibraltar31
India13
Grand Total1992
Data Source: HMRC

HMRC QROPS List – Changes

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

QROPSCountryAddedAmendedRemoved
Bagshaw Family Super FundAustraliax
Betts QROPS FundAustraliax
Boaden Superannuation FundAustraliax
Bolton Super FundAustraliax
Jennings Family Superannuation FundAustraliax
Jones & Gray Superannuation FundAustraliax
Natrisse Superannuation FundAustraliax
Nigel Brown Super FundAustraliax
Peter Delroy Williamson Super FundAustraliax
Rayner Family Super FundAustraliax
Satya Yuga Super FundAustraliax
Silcock Superannuation FundAustraliax
To The Hilt Superannuation FundAustraliax
Centurion Retirement Annuity Trust SchemeGibraltarx
Equus Retirement Annuity Trust SchemeGibraltarx
Abacus Retirement Annuity Trust SchemeGibraltarx
Andromeda Retirement Annuity Trust SchemeGibraltarx
Cornhill Retirement Annuity Trust SchemeGibraltarx
Cygnet Retirement Annuity Trust SchemeGibraltarx
Fortress Retirement Annuity Trust SchemeGibraltarx
Metro Retirement Annuity Trust SchemeGibraltarx
Pryce Warner QROPSGibraltarx
Resort Group Plc Retirement Annuity Trust SchemeGibraltarx
Charlotte Ann Recognised Overseas Pension SchemeGuernseyx
Affinity Group Pension TrustJerseyx
Langham Hall Pension SchemeJerseyx
Luca Pensions LtdJerseyx
Acerta Pharma B.V. by Brand New DayNetherlandsx
Totals:1909
QROPS listed October 01, 2020: 2029
Net change since October 01, 2020: 10
QROPS listed October 15, 2020: 2039
QROPS country  AddedRemoved
Totals:00
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:

  • 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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