QROPS offshore expat pensions are proving as popular as ever, as 16 new schemes were opened in the past two weeks.
Worldwide, HM Revenue & Customs lists 2,583 QROPS hosted by 26 countries, the largest number of QROPS listed since the summer of 2015.
Australia leads the market with 1,796 QROPS – equivalent to almost 70% of all QROPS.
HMRC QROPS List – By Country
| Country | QROPS |
|---|---|
| Australia | 1796 |
| Austria | 3 |
| Barbados | 1 |
| Belgium | 4 |
| Bulgaria | 3 |
| Canada | 6 |
| EU Institution | 1 |
| Germany | 5 |
| Gibraltar | 28 |
| Guernsey | 66 |
| Hong Kong | 12 |
| Iceland | 1 |
| India | 21 |
| Ireland | 51 |
| Isle of Man | 313 |
| Jersey | 85 |
| Kenya | 2 |
| Latvia | 4 |
| Luxembourg | 2 |
| Malta | 31 |
| Netherlands | 102 |
| New Zealand | 40 |
| Norway | 1 |
| Slovakia | 1 |
| Sweden | 2 |
| Switzerland | 2 |
| Grand Total | 2583 |
HMRC QROPS List – Top 10 Countries
Countries by number of QROPS listed offering the most QROPS
| Country | QROPS |
| Australia | 1796 |
| Isle of Man | 313 |
| Netherlands | 102 |
| Jersey | 85 |
| Guernsey | 66 |
| Ireland | 51 |
| New Zealand | 40 |
| Malta | 31 |
| Gibraltar | 28 |
| India | 21 |
| Grand Total | 2533 |
HMRC QROPS List – Changes
QROPS pensions added, amended, or removed in the latest list
| QROPS | Country | Added | Amended | Removed |
|---|---|---|---|---|
| ABSLI Guaranteed Annuity Plus | Australia | x | ||
| Branes 42 | Australia | x | ||
| Chris Mole Retirement Fund | Australia | x | ||
| Coxall Super Fund | Australia | x | ||
| Desmond Doyle SMSF | Australia | x | ||
| Enders ROPS Fund | Australia | x | ||
| Haigh ROPS Fund | Australia | x | ||
| I & J Metcalfe SMSF | Australia | x | ||
| M & A Roberts SMSF | Australia | x | ||
| M and P Barrett Super Fund | Australia | x | ||
| Nine Planets Superannuation Fund | Australia | x | ||
| Stroud Family SMSF | Australia | x | ||
| The Aitken Family Superannuation Fund | Australia | x | ||
| The Trustee for Sandford Super Fund | Australia | x | ||
| Three Cs | Australia | x | ||
| Paul Hirst Superannuation Fund | Australia | x | ||
| Max Life Guaranteed Lifetime Income Fund | India | x | ||
| Sandman SIPP | Isle of Man | x | ||
| Totals: | 16 | 0 | 2 |
QROPS List FAQ
The QROPS List is an invaluable free tool for advisers and retirement savers seeking an expat pension.
However, how to use the data is often misunderstood, so here are the answers to some of the most asked 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 sure to be QROPS.
So, retirement savers should check the latest QROPS list before transferring any money.
QROPS Overseas Transfer Charge
The overseas transfer charge is 25 per cent of the transfer value of a fund moved 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
- Germany
- Iceland
- Ireland
- Latvia
- Luxembourg
- Malta
- The Netherlands
- Norway
- Slovakia
- Sweden
QROPS countries outside the EEA, expats are subject to the transfer charge if they do 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
- Switzerland
Other exceptions to the transfer charge may apply if an employer or multinational non-government organisation runs the scheme, 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?
HMRC delists QROPS for several reasons, including:
- The provider closes
- 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, excluding the pension from the list
Delisting should not imply wrongdoing by a retirement saver or provider.
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