QROPS List – September 1, 2018

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
Australia 729
Austria 5
Barbados 1
Belgium 1
Bulgaria 3
Denmark 2
EU Institution 1
Finland 1
Germany 10
Gibraltar 32
Guernsey 56
Hong Kong 2
India 12
Ireland 62
Isle of Man 347
Jersey 46
Kenya 2
Latvia 3
Liechtenstein 2
Luxembourg 2
Malta 36
Mauritius 2
Netherlands 17
New Zealand 30
Norway 1
South Africa 1
Sweden 2
Switzerland 2
USA 2
Total: 1412

HMRC QROPS List – Changes

QROPS Change Country
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
1994 Trust Added Guernsey
Exide Life Golden Years Retirement Plan Removed India
Hepper Personal Pension Scheme Removed Isle of Man
Rozel QROPS Added Jersey
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:

  • 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
  • Guernsey
  • Hong Kong (China)
  • India
  • Isle of Man
  • Jersey
  • Kenya
  • Mauritius
  • 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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