QROPS List – September 22, 2021

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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

CountryNo of QROPS
Australia1508
Austria4
Barbados1
Belgium4
Bulgaria3
Canada5
Denmark1
EU Institution1
Finland2
Germany7
Gibraltar30
Guernsey73
Hong Kong11
India18
Ireland72
Isle of Man369
Jersey77
Kenya2
Latvia4
Liechtenstein1
Luxembourg2
Malta32
Netherlands87
New Zealand38
Norway1
Slovakia1
Sweden2
Switzerland2
Grand Total2358

Source: HMRC

HMRC QROPS List – Top 10 countries

Countries by number of QROPS listed offering the most QROPS

CountryNo of QROPS
Australia1508
Isle of Man369
Netherlands87
Jersey77
Guernsey73
Ireland72
New Zealand38
Malta32
Gibraltar30
India18
Grand Total2304

Data Source: HMRC

HMRC QROPS List – Changes

QROPS pensions added, amended, or removed in the latest list

QROPSCountryAddedAmendedRemoved
A K Swift SMSF Super FundAustraliax
Cocoran Super FundAustraliax
Crumpy SMSFAustraliax
D and J Kirkwood SMSF Super FundAustraliax
Differ Family FundAustraliax
Earthship MorganAustraliax
Famous Five Super FundAustraliax
GRS SMSFAustraliax
Hilson SMSFAustraliax
I D McKay Superannuation FundAustraliax
J Simmons Superannuation FundAustraliax
Judd McInerney SuperAustraliax
Judith Newman Superannuation FundAustraliax
Jumbies SuperAustraliax
Laird Family Super FundAustraliax
Levy Family Superannuation FundAustraliax
Ocean FundAustraliax
P and S McCormick Superannuation FundAustraliax
REH Super FundAustraliax
St Andrews Legacy Fund SMSF – QROPSAustraliax
The Brady Collins Super FundAustraliax
The Happiness Done Right Superannuation FundAustraliax
The Martin Andrew SMSFAustraliax
The Roberts Grayson Superannuation FundAustraliax
WHandWHGreenAus Super FundAustraliax
Whitton Super FundAustraliax
Aurora Europa Pensions Trust name changed to Europa Pensions TrustGibraltarx
Retirement Annuity Contract: Jade Pensions Limited/G P SmythJerseyx
Cloud Technology Solutions Nederland BV by BNDNetherlandsx
FPE Advisory BV by Brand New DayNetherlandsx
Framer BV by Brand New DayNetherlandsx
Totals:2713
QROPS listed September 01, 2021:2334
Net change since September 01, 2021:24
QROPS listed September 15, 2021:2358
QROPS country  AddedRemoved
N\a
  
Totals:00
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.

Related Information

Below is a list of related articles you may find of interest.

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