QROPS List – September 16, 2019

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
Australia 1001
Austria 4
Barbados 1
Belgium 1
Bulgaria 3
Canada 1
Denmark 2
EU Institution 1
Finland 1
Germany 8
Gibraltar 31
Guernsey 63
Hong Kong 9
India 13
Ireland 69
Isle of Man 356
Jersey 60
Kenya 2
Latvia 3
Liechtenstein 2
Luxembourg 2
Malta 36
Mauritius 1
Netherlands 48
New Zealand 33
Norway 1
Sweden 1
Switzerland 1
Total: 1756

Data Source: HMRC

HMRC QROPS List – Changes

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

QROPS Country Added Amended Removed
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
Bluebird Trust Guernsey 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
Totals: 26 0 5
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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