QROPS List – September 16, 2019

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The first new QROPS offshore pension since April 2018 has opened in Canada.

The IAG Saving and Retirement Plan marks a return to the fold for Canada as a QROPS centre.

The last Canada QROPS closed in February 2017, ending an 11 year listing for expat pensions.

Canada QROPS peaked at 101 schemes in October 2014, but this dropped to just three in early 2017 due to a change in HM Revenue & Customs tax rules.

The latest HMRC list is also a milestone for Australia QROPS.

Passing the 1,000 QROPS mark for the first time since June 2015 and hitting 57% of all QROPS listed worldwide – the highest market reach ever for a QROPS jurisdiction.

Australia has added 98 QROPS since the start of the year.

The next largest QROPS centre is the Isle of Man, with 356 expat pensions representing 20% of the global market, adding just five schemes so far this year.

HMRC QROPS List – By country

CountryNo of QROPS
Australia1001
Austria4
Barbados1
Belgium1
Bulgaria3
Canada1
Denmark2
EU Institution1
Finland1
Germany8
Gibraltar31
Guernsey63
Hong Kong9
India13
Ireland69
Isle of Man356
Jersey60
Kenya2
Latvia3
Liechtenstein2
Luxembourg2
Malta36
Mauritius1
Netherlands48
New Zealand33
Norway1
Sweden1
Switzerland1
USA2
Total:1756

Data Source: HMRC

HMRC QROPS List – Changes

QROPS pensions added, amended or removed from the list since June 15, 2019.

QROPSCountryAddedAmended Removed
     
Corner Table Productions Super FundAustraliax  
Family Gamble Super FundAustraliax  
Green Superannuation FundAustraliax  
Hatty Super FundAustraliax  
Hooray Superannuation FundAustraliax  
J & F Atherton Superannuation FundAustraliax  
Lee & Ben Thomas SMSFAustraliax  
Maclean QROPS SMSFAustraliax  
Manuel Superannuation FundAustraliax  
Martin Burton Superannuation FundAustraliax  
Matthews Superannuation FundAustraliax  
R & L Stephens SMSFAustraliax  
Ray Noble Super FundAustraliax  
Russell ROPS Superannuation FundAustraliax  
Winx Superannuation FundAustraliax  
WJW Super FundAustraliax  
NP Aged 55 SMSFAustralia  x
Ray-Jean Super FundAustralia  x
IAG Saving and Retirement Plan RRSP-QROPSCanadax  
Kreston Gibraltar Pension PlanGibraltar  x
Bluebird TrustGuernseyx  
Invisible Thread Retirement SchemeHong Kongx  
SBI Life – Annuity PlusIndiax  
Tony Dervan SSAPIreland  x
Thornhill Personal Pension SchemeIsle of Manx  
KOR Personal Pension SchemeIsle of Man  x
Executive Learning Partnership CVBA by Brand New DayNetherlandsx  
Greystar Netherlands Cooperatief UA by Brand New DayNetherlandsx  
IMC Trading B.V. by Brand New DayNetherlandsx  
Perrett Laver (Netherlands) B.V. by Brand New DayNetherlandsx  
Stichting Pensioenfonds Thales NederlandNetherlandsx  
     
Totals: 2605
     
Net change since September 1, 2019: 21  

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 Listis scheduled for October 1, 2019.

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
  • Canada
  • 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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