QROPS changes have seen 19 new of the offshore pensions for expats open worldwide.
Seven were removed from the latest HM Revenue & Customs QROPS List – published on September 15, 2018. Another was amended.
The global market for expats offers 1,412 QROPS in 29 financial centres.
HMRC QROPS List – By country
|Financial Jurisdiction||No of ROPS|
|Isle of Man||347|
HMRC QROPS List – Changes
|Aussie Bob Super||Added||Australia|
|Boulavarde Superannuation Fund||Added||Australia|
|C & J Smith Superannuation Fund||Added||Australia|
|L & N Robinson Superannuation Fund||Added||Australia|
|Lawrence Superannuation Fund||Added||Australia|
|Ludlow Super Fund||Added||Australia|
|Maidenhead Super Fund||Added||Australia|
|Mark Green Family Super Fund||Added||Australia|
|PD Withers Superannuation Fund||Added||Australia|
|Penn Super Fund||Added||Australia|
|S Tormey Super Fund||Added||Australia|
|Solva 2 Super Fund||Added||Australia|
|Walking Dog Investments SMSF||Added||Australia|
|Watkins Browne Super Fund||Added||Australia|
|Jannetta Super Fund||Amended||Australia|
|B Mangham Superfund||Removed||Australia|
|Marbecca Super Fund||Removed||Australia|
|Murrandy Superannuation Fund||Removed||Australia|
|Centurion Retirement Annuity Trust Scheme||Added||Gibraltar|
|Exide Life Golden Years Retirement Plan||Removed||India|
|Hepper Personal Pension Scheme||Removed||Isle of Man|
|Coco Investments Ltd||Removed||Jersey|
|Stichting Pensioenfonds Provisum||Added||Netherlands|
|SMS 11 Fund||Added||New Zealand|
|SSAS 10 Fund||Removed||New Zealand|
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 October 1, 2018.
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.