We have updated the QROPS Timeline that plots the history of Qualifying Recognised Overseas Pension Schemes (QROPS) since they were introduced in April 2006.
This table timeline goes in to all the dates, numbers and names anyone needs to know about QROPS right up to September 2015.
| Dates | Comments |
|---|---|
| 6 April 2006 | A Day – QROPS launched as part of pension simplification |
| QROPS hit the market for the first time intended as a portable pension for anyone with UK pension rights moving permanently overseas | |
| 25 May 2008 | Singapore loses QROPS status |
| The infamous Panthera ROSSIP was delisted by HMRC without reason as the precursor to a long-running legal battle and Singapore lost status as a QROPS financial centre – the first to do so | |
| September 8, 2009 | Gibraltar QROPS freezes transfers |
| Although listed as providers, Gibraltars QROPS got off to a rocky start as a row brewed with HMRC over whether 0% income tax paid on Gibraltar pensions was really a tax rate. The providers feared delisting, so froze transfers in pending clear-the-air talks with HMRC | |
| December 1, 2009 | Malta readies first QROPS |
| Malta regulators green-lighted the island as a QROPS financial centre | |
| Gibraltar QROPS providers are ready to accept transfers as the agreement is reached with HMRC, but nothing happens | |
| January 20, 2010 | QROPS save retirement savers £1m tax a day – FoA |
| A Freedom of Information request by a UK pension provider tried to show QROPS were a tax dodge – but only encouraged more transfers as the PR backfired and showed pension savers how a QROPS could ease their retirement finances | |
| February 2010 | QNUPS launched to plug the IHT gap |
| Leaks out of Singapore suggest 1,000 QROPS investors had voted with their feet and switched their cash out of the Panthera ROSSIP scheme | |
| February 15, 2010 | Qualifying Non-UK Pensions (QNUPS) launched by UK government to extend inheritance tax exemptions not covered in QROPS rules – the result is all QROPS are QNUPS but not all QNUPS are QROPS |
| February 2010 | Panthera applies to High Court over Singapore QROPS |
| The Singapore QROPS row rumbles on as Panthera takes gloves off to fight HMRC in court | |
| February 2010 | Guernsey QROPS providers tout code to avoid scams |
| Guernsey QROPS providers up their game with voluntary code of conduct aimed at giving retirement savers confidence in their schemes | |
| February , 2010 | First Gibraltar QROPS ready to go but still no transfers |
| Ready, steady, as you were…nothing changes in Gibraltar | |
| March, 2010 | First 2 Malta scheme open for transfers |
| Malta opens the doors to QROPS business | |
| August , 2010 | Panthera wins right for High Court challenge |
| Panthera wins another Singapore QROPS battle, but the war with HMRC is far from over | |
| September 7, 2010 | Hong Kong – Beazley – HMRC waives tax charges |
| Advisers penalised over QROPS misunderstandings but HMRC declines to punish investors with tax penalties | |
| October, 2010 | Isle of Man launches 50c QROPS – Trinity is first scheme |
| 50c QROPS stretch QROPS limits with a clever interpretation of QROPS wording by offering 30% plus tax-free lump sums with a formula based on adding some or all of fund growth to the lump sum amount allowed from the transfer value to set up the QROPS | |
| November, 2010 | Gibraltar still shut for QROPS transfers |
| …still no transfers in sight | |
| November, 2010 | IoM 50c reported to HMRC for pension rule violations |
| IFA grasses up 50c QROPS as tax abuse – transfers put on hold | |
| December, 2010 | QROPS transfer top £1 billion |
| Statistics gleaned from HMRC estimate QROPS transfers from UK pensions to date in excess of £1 billion | |
| January, 2011 | HMRC wrongly drops 50c QROPS from list |
| Whoops – now you see them, now you dont. HMRC delists Isle of Man 50c QROPS in error… | |
| January, 2011 | 50C QROPS back in business |
| …HMRC relists 50c QROPS | |
| February, 2011 | HMRC fraud unit monitors rogue QROPS |
| HMRC reveals special task force is monitoring suspected QROPS tax abuses without naming names | |
| March, 2011 | QROPS provider Close Brothers sold for £29m |
| Kleinwort Benson buy out Close Brothers offshore arm | |
| March, 2011 | Judge sets HMRC 28-day Singapore QROPS deadline |
| HMRC forced to court by Panthera after delays presenting evidence | |
| April, 2011 | 6,000 a year switch to QROPS – Treasury |
| HM Treasury reveals 6,000 UK pension funds are transferred to QROPS schemes every year | |
| April 14, 2011 | Treasury shuts Hong Kong loophole |
| Double tax loophole exploited by some Hong Kong advisers is closed with emergency legislation | |
| April, 2011 | Guernsey code published |
| Guernsey QROPS providers publish their code of conduct – the first to print anywhere in the world | |
| April, 2011 | Gibraltar will have QROPS by end of year |
| Yeah, yeah, yeah…. | |
| May, 2011 | High Court backs HMRC Singapore QROPS ban |
| HMRC wins hands down – Singapore QROPS never qualified as a QROPS so all transfers in were unauthorised and subject to tax penalties | |
| May, 2011 | Singapore QROPS pledges appeal |
| Will be back… | |
| June, 2011 | HMRC green light for 50c QROPS after review |
| Isle of Man QROPS do not break the rules, says tax man | |
| September, 2011 | £3.5 million QROPS fraudster jailed |
| Colin Pearson, 47, helped expats illegally release around £3.5 million from their investments by setting up scam pension funds in Barbados and Cyprus. | |
| December, 2011 | HMRC reveals QROPS draft legislation & opens consultation until Jan 31, 2012 |
| QROPS 2 draft rules released by government | |
| January, 2012 | Guernsey upgrades QROPS to match new pension rules |
| Guernsey providers try to best guess HMRC as the Channel Islands changes laws to align with QROPS 2 | |
| March, 2012 | UK agencies start pension unlocking campaign |
| FSA, HMRC and pensions regulator join forces to tackle schemes that cash pensions in early and effectively close the market | |
| March, 2012 | Guernsey ratifies new QROPS laws |
| Guernsey is a bit too smug about QROPS 2 compliance and reckons they have stolen a march on the rest of the world in readying for the new rules | |
| March, 2012 | HMRC publishes new QROPS rules in error |
| Someone presses the wrong button and a red-faced spokesman admits new QROPS laws were released too early | |
| March, 2012 | Pension unlocking firms appeal ban |
| Ark Business Consulting appeals High Court decision ruling pension unlocking unlawful | |
| March 26, 2012 | Budget 2012 QROPS changes |
| Chancellor George Osborne confirms QROPS 2 rules | |
| April 6, 2012 | New QROPS rules come in to force |
| HMRC launches QROPS 2 – and the trouble starts | |
| April 10, 2012 | 300 Guernsey QROPS closed to new business |
| Guernsey QROPS schemes are closed to new business, along with 50c schemes and other QROPS in the Isle of Man and some in New Zealand | |
| April 11, 2012 | Third party QROPS not banned confirms HMRC |
| Providers blame third party QROPS for ban – these are pensions where the QROPS is based in one financial jurisdiction while the investor lives in another. Not so, says HMRC, its how the benefits are taxed that count | |
| April 12, 2012 | New QROPS list published – 360 schemes missing |
| Publication of HMRC QROPS list confirms closure of schemes in Guernsey, Isle of Man and New Zealand | |
| April 14, 2012 | Jersey cancels new QROPS scheme |
| Jersey had announced amending QROPS laws along the Guernsey model…now realises that its not such a good idea and cancels the plan | |
| May 11, 2012 | Treasury publishes new law outlawing Guernsey S157 QROPS |
| HM Treasury rushes out new order to ban revamped Guernsey QROPS | |
| May 12, 2012 | Gibraltar nears end of rocky road to QROPS |
| No change here then… | |
| May 28, 2012 | Gibraltar finally drafts QROPS law |
| Government announces pension law reforms to set tax at 2.5% for pension pay outs | |
| June 13, 2012 | Guernsey green light – but only for residents |
| Guernsey QROPS can take new business – but only from residents, says HMRC | |
| June 26, 2012 | Gibraltar ready for QROPS transfers in 14 days – didnt happen |
| What a surprise, another announcement followed by no action | |
| July 11, 2012 | Qatar Financial District cancels QROPS plans |
| More cold feet over uncertainty in QROPS market claims Qatar as QROPS plans are dropped | |
| July 18, 2012 | New QROPS rules become law under Finance Act 2012 |
| QROPS 2 ratified by Parliament and entered in statute book | |
| July 27, 2012 | Malta issues stay awaywarning |
| If you run a delisted QROPS, we dont want your business, warns Maltas financial regulators as,island is tipped as new global QROPS centre | |
| August 15, 2012 | Riddle as Cyprus QROPS delisted |
| HMRC delists all Cyprus QROPS without any explanation – wall of silence as providers and Cypriot government say nothing | |
| August 18, 2012 | Malta Issues QROPS Tax Warning |
| Malta Financial Services Authority chairman Joseph Bannister pledges QROPS investors will have to file tax returns on the island. | |
| September 4, 2012 | Gibraltar QROPS opens for business |
| It was a long time coming and saw several false starts, but Gibraltar finally signals the all clear and starts accepting pension transfers | |
| October 12, 2012 | Gibraltar drafts QROPS code |
| Gibraltar’s tax office and QROPS providers hint they are drafting a code for firms offering expat pensions | |
| December 12, 2012 | |
| HMRC confirms more than £2 billion transferred into QROPS since April 6, 2006 when releasing information about new regulations for QROPS administrators | |
| January 9, 2013 | |
| Latvia joins QROPS jurisdictions as one QROPS opens | |
| February 1, 2013 | |
| Slovakia loses QROPS financial centre status. Four QROPS suspended | |
| February 26, 2013 | |
| Financial Conduct Authority warns onshore IFAs to include QROPS advice in pension reviews for clients considering a move overseas | |
| May 1, 2013 | QROPS reach new milestone as 3,000th pension listed |
| May 3, 2013 | |
| Panthera ROSSIP (Singapore QROPS) investors win leave to appeal HMRC tax demands that would grab at least 55% of their pension funds in the High Court | |
| May 31, 2013 | |
| HMRC reveals 10,000 British expats and international workers with UK pension rights transfer to a QROPS each year | |
| June 23, 2013 | |
| ‘Humiliated’ HMRC withdraws from Panthera ROSSIP (Singapore QROPS) in the High Court after four day hearing | |
| July 1, 2013 | |
| HMRC delists 432 QROPS ‘by mistake’ and quickly relists them after an apology | |
| July 12, 2013 | |
| HMRC files policy statement as ordered by High Court in Panthera ROSSIP (Singapore QROPS) case, but details are not released | |
| August 1, 2013 | |
| 23 Hong Kong QROPS delisted but providers and HMRC refuse to comment on why the schemes were suspended; however Hong Kong retains QROPS financial centre status | |
| October 15, 2013 | |
| Bangladesh’s only QROPS delisted at the same time as St Vincent & Grenadine has three QROPS delisted and St Lucia has one QROPS delisted. All three no longer listed as QROPS financial jurisdictions | |
| November 1, 2013 | |
| Malaysia’s one and only QROPS delisted – no longer listed as a QROPS financial jurisdiction | |
| November 22, 2013 | |
| HMRC pledges tax amnesty for QROPS investors switching funds to pensions prior to September 24, 2008 unless ‘dishonesty’ or ‘artificiality’ suspected. Amnesty is believed to result from Panthera ROSSIP (Singapore QROPS) case | |
| December 6, 2013 | |
| HMRC makes clear QROPS investors must carry out due diligence on providers as they cannot rely on QROPS List self-certification that a pension really is a QROPS and may face financial penalties if it is later found not to be a QROPS | |
| December 19, 2013 | |
| HMRC switches on internet portal for QROPS administrators | |
| February 20, 2014 | |
| Malta QROPS providers considering paying pension benefits to under 55s | |
| The latest QROPS List shows a new QROPS pension opened on average every day since January 1, 2013 | |
| March 15, 2014 | |
| Chancellor George Osborne announces ‘easy access ‘pension rules will cover QROPS – so over 55s can draw down and spend pension funds as they wish | |
| April 3, 2014 | |
| Public sector pension transfers to QROPS will be banned from April 6, 2015, says HMRC | |
| September 28, 2014 | |
| New landmark as number of QROPS worldwide hits 3,500 for the first time | |
| October 6, 2014 | |
| Easy access rules for QROPS confirmed from April 6, 2015, but we’re still working on the details, says HMRC | |
| October 20, 2014 | |
| Rumours that India QROPS under scrutiny for tax irregularities as another seven schemes delisted, meaning 19 struck off QROPS List in a year | |
| November 1, 2014 | HMRC publishes 100th QROPS Llist |
| December 1, 2014 | Falklands opens first QROPS |
| December 15, 2014 | Kosovo opens first QROPS |
| December 19, 2014 | QROPS rule changes revealed |
| HM Treasury confirms flexi-access will apply to all QROPS from April 6, 2015 while HMRC announces a review of QROPS qualifying rules | |
| January 14, 2015 | Flexible access for Malta QROPS |
| Pension regulators will change local pension rules to allow flexible access from QROPS from April 6, 2015 | |
| January 15, 2015 | Kenya opens first QROPS |
| January 28, 2015 | Flexible access for Gibraltar QROPS |
| Pension regulators intend to allow local pensions to allow flexible access from QROPS from April 6, 2015 | |
| February 11, 2015 | |
| Guernsey joins offshore race to allow flexible access for QROPS from April 6, 2015 by announcing rule changes in pipeline | |
| March 2, 2015 | Public funded QROPS transfers to stop |
| Government confirms civil service and public sector pension transfers to QROPS will cease from April 6, 2015 | |
| March 19, 2015 | HMRC flexible access U-turn |
| Tax man scraps flexible access for QROPS outside the European Union and confirms 70% of transferred funds will remain ring-fenced to provide pension payments for retirement savers | |
| March 20, 2015 | Defined benefit pension advice shock |
| Government makes taking professional financial advice compulsory for all defined benefit pension savers with funds of more than £30,000 from April 6, 2015 | |
| April 6, 2015 | Pension Freedom Day |
| New rules allow the over 55s to take pension cash and spend the money how they like Civil Service and public sector pension transfers should be banned, but legal loophole keeps the option open Defined benefit retirement savers with funds of £30,000+ must take professional financial advice before transferring money to a QROPS HMRC reviews QROPS List to ensure all schemes meet pension age test, which disqualifies any scheme making payments to anyone under 55 years old unless exceptional circumstances apply | |
| April 15, 2015 | QROPS List record |
| The official list of QROPS pensions worldwide hits peak of 3,754 schemes HMRC changes QROPS List to ROPS List (Recognised Overseas Pension Schemes) and warns retirement savers they are responsible for undertaking due diligence to prove their scheme choice meets ROPS rules before transferring any cash | |
| June 15, 2015 | ROPS List suspended |
| HMRC withdraws list pending results of pension age test review with 3,702 schemes listed UK pension provider Aegon warns 80% of QROPS transfer requests come from unregulated overseas advisers and could be possible scams | |
| July 1, 2015 | HMRC reinstates ROPS List |
| Huge shock as HMRC delists thousands of QROPS – new ROPS List has 665 entries Australia QROPS loses 1,652 schemes and only one remains Seven financial centres closed – Barbados, Falkland Islands, Finland, Hungary, Portugal, Sri Lanka and Trinidad | |
| August 5, 2015 | Treasury to act over public funded pension loophole |
| Government confirms new legislation on the way to stop public funded pension transfers | |
| August 17, 2015 | Hungary reinstated to ROPS List |
| August 24, 2015 | Isle of Man government discloses flexible access plans |
| September 1, 2015 | Portugal reinstated to ROPS List |
| September 7, 2015 | Treasury closes public funded pension transfers |
| Civil Service and public sector pension fund transfers to QROPS banned |
This is a good article, and my compliments to the writer. Just one point re the 10 April 2012 comment and reference to the impact on IoM QROPS. Only IoM 50C schemes were affected. “Other” IoM Qrops (the vast majority) were not. Which is why IoM is today the leading centre for 3rd-country Qrops, with over 220 continuing Qrops schemes