HM Revenue & Customs has scrabbled to correct this month’s QROPS List after mixing up the number of changes to offshore pensions for expats.
The list published on September 15 included the details of the correct number of QROPS but did not list all the new, amended, or removed pensions.
Another list was published on September 22, correcting the errors.
The amendments show Australia added 24 new QROPS and had two removed from the list.
A QROPS in Gibraltar was amended, while another was removed in Jersey and three added in the Netherlands.
In total, the global QROPS market covers 2,358 pensions across 28 countries.
Australia remains the leading QROPS nation with 1,508 offshore pensions for expats – around 64 per cent of the market.
HMRC QROPS List – By country
| Country | No of QROPS |
| Australia | 1508 |
| Austria | 4 |
| Barbados | 1 |
| Belgium | 4 |
| Bulgaria | 3 |
| Canada | 5 |
| Denmark | 1 |
| EU Institution | 1 |
| Finland | 2 |
| Germany | 7 |
| Gibraltar | 30 |
| Guernsey | 73 |
| Hong Kong | 11 |
| India | 18 |
| Ireland | 72 |
| Isle of Man | 369 |
| Jersey | 77 |
| Kenya | 2 |
| Latvia | 4 |
| Liechtenstein | 1 |
| Luxembourg | 2 |
| Malta | 32 |
| Netherlands | 87 |
| New Zealand | 38 |
| Norway | 1 |
| Slovakia | 1 |
| Sweden | 2 |
| Switzerland | 2 |
| Grand Total | 2358 |
Source: HMRC
HMRC QROPS List – Top 10 countries
Countries by number of QROPS listed offering the most QROPS
| Country | No of QROPS |
| Australia | 1508 |
| Isle of Man | 369 |
| Netherlands | 87 |
| Jersey | 77 |
| Guernsey | 73 |
| Ireland | 72 |
| New Zealand | 38 |
| Malta | 32 |
| Gibraltar | 30 |
| India | 18 |
| Grand Total | 2304 |
Data Source: HMRC
HMRC QROPS List – Changes
QROPS pensions added, amended, or removed in the latest list
| QROPS | Country | Added | Amended | Removed |
| A K Swift SMSF Super Fund | Australia | x | ||
| Cocoran Super Fund | Australia | x | ||
| Crumpy SMSF | Australia | x | ||
| D and J Kirkwood SMSF Super Fund | Australia | x | ||
| Differ Family Fund | Australia | x | ||
| Earthship Morgan | Australia | x | ||
| Famous Five Super Fund | Australia | x | ||
| GRS SMSF | Australia | x | ||
| Hilson SMSF | Australia | x | ||
| I D McKay Superannuation Fund | Australia | x | ||
| J Simmons Superannuation Fund | Australia | x | ||
| Judd McInerney Super | Australia | x | ||
| Judith Newman Superannuation Fund | Australia | x | ||
| Jumbies Super | Australia | x | ||
| Laird Family Super Fund | Australia | x | ||
| Levy Family Superannuation Fund | Australia | x | ||
| Ocean Fund | Australia | x | ||
| P and S McCormick Superannuation Fund | Australia | x | ||
| REH Super Fund | Australia | x | ||
| St Andrews Legacy Fund SMSF – QROPS | Australia | x | ||
| The Brady Collins Super Fund | Australia | x | ||
| The Happiness Done Right Superannuation Fund | Australia | x | ||
| The Martin Andrew SMSF | Australia | x | ||
| The Roberts Grayson Superannuation Fund | Australia | x | ||
| WHandWHGreenAus Super Fund | Australia | x | ||
| Whitton Super Fund | Australia | x | ||
| Aurora Europa Pensions Trust name changed to Europa Pensions Trust | Gibraltar | x | ||
| Retirement Annuity Contract: Jade Pensions Limited/G P Smyth | Jersey | x | ||
| Cloud Technology Solutions Nederland BV by BND | Netherlands | x | ||
| FPE Advisory BV by Brand New Day | Netherlands | x | ||
| Framer BV by Brand New Day | Netherlands | x | ||
| Totals: | 27 | 1 | 3 | |
| QROPS listed September 01, 2021: | 2334 | |||
| Net change since September 01, 2021: | 24 | |||
| QROPS listed September 15, 2021: | 2358 | |||
| QROPS country | Added | Removed | ||
| N\a | ||||
| Totals: | 0 | 0 | ||
| Countries with QROPS listed September 01, 2021: | 28 | |||
| Net change since September 01, 2021: | 0 | |||
| Countries with QROPS listed September 15, 2021: | 28 | |||
| The next QROPS list is published on October 01, 2021 |
QROPS List FAQ
The QROPS List is an invaluable free tool for advisers and retirement savers seeking an expat pension.
Using 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% 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
- Denmark
- Finland
- Germany
- Ireland
- Latvia
- Liechtenstein
- Luxembourg
- Malta
- The Netherlands
- Norway
- Slovakia
- Sweden
QROPS countries outside the EEA
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
- South Africa
- 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 shuts shop
- 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 suggest wrongdoing by a retirement saver or provider.
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