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
|Country||No of QROPS|
|Isle of Man||356|
Data Source: HMRC
HMRC QROPS List – Changes
QROPS pensions added, amended or removed from the list since June 15, 2019.
|Corner Table Productions Super Fund||Australia||x|
|Family Gamble Super Fund||Australia||x|
|Green Superannuation Fund||Australia||x|
|Hatty Super Fund||Australia||x|
|Hooray Superannuation Fund||Australia||x|
|J & F Atherton Superannuation Fund||Australia||x|
|Lee & Ben Thomas SMSF||Australia||x|
|Maclean QROPS SMSF||Australia||x|
|Manuel Superannuation Fund||Australia||x|
|Martin Burton Superannuation Fund||Australia||x|
|Matthews Superannuation Fund||Australia||x|
|R & L Stephens SMSF||Australia||x|
|Ray Noble Super Fund||Australia||x|
|Russell ROPS Superannuation Fund||Australia||x|
|Winx Superannuation Fund||Australia||x|
|WJW Super Fund||Australia||x|
|NP Aged 55 SMSF||Australia||x|
|Ray-Jean Super Fund||Australia||x|
|IAG Saving and Retirement Plan RRSP-QROPS||Canada||x|
|Kreston Gibraltar Pension Plan||Gibraltar||x|
|Invisible Thread Retirement Scheme||Hong Kong||x|
|SBI Life – Annuity Plus||India||x|
|Tony Dervan SSAP||Ireland||x|
|Thornhill Personal Pension Scheme||Isle of Man||x|
|KOR Personal Pension Scheme||Isle of Man||x|
|Executive Learning Partnership CVBA by Brand New Day||Netherlands||x|
|Greystar Netherlands Cooperatief UA by Brand New Day||Netherlands||x|
|IMC Trading B.V. by Brand New Day||Netherlands||x|
|Perrett Laver (Netherlands) B.V. by Brand New Day||Netherlands||x|
|Stichting Pensioenfonds Thales Nederland||Netherlands||x|
|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:
- 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.