Pension

QROPS List – September 1, 2023


QROPS offshore expat pensions are proving as popular as ever, as 16 new schemes were opened in the past two weeks.

Worldwide, HM Revenue & Customs lists 2,583 QROPS hosted by 26 countries, the largest number of QROPS listed since the summer of 2015.

Australia leads the market with 1,796 QROPS – equivalent to almost 70% of all QROPS.

HMRC QROPS List – By Country

Country QROPS
Australia 1796
Austria 3
Barbados 1
Belgium 4
Bulgaria 3
Canada 6
EU Institution 1
Germany 5
Gibraltar 28
Guernsey 66
Hong Kong 12
Iceland 1
India 21
Ireland 51
Isle of Man 313
Jersey 85
Kenya 2
Latvia 4
Luxembourg 2
Malta 31
Netherlands 102
New Zealand 40
Norway 1
Slovakia 1
Sweden 2
Switzerland 2
Grand Total 2583
Source: HMRC

HMRC QROPS List – Top 10 Countries

Countries by number of QROPS listed offering the most QROPS

Country QROPS
Australia 1796
Isle of Man 313
Netherlands 102
Jersey 85
Guernsey 66
Ireland 51
New Zealand 40
Malta 31
Gibraltar 28
India 21
Grand Total 2533
Source: HMRC

HMRC QROPS List – Changes

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

QROPS Country Added Amended Removed
ABSLI Guaranteed Annuity Plus Australia x
Branes 42 Australia x
Chris Mole Retirement Fund Australia x
Coxall Super Fund Australia x
Desmond Doyle SMSF Australia x
Enders ROPS Fund Australia x
Haigh ROPS Fund Australia x
I & J Metcalfe SMSF Australia x
M & A Roberts SMSF Australia x
M and P Barrett Super Fund Australia x
Nine Planets Superannuation Fund Australia x
Stroud Family SMSF Australia x
The Aitken Family Superannuation Fund Australia x
The Trustee for Sandford Super Fund Australia x
Three Cs Australia x
Paul Hirst Superannuation Fund Australia x
Max Life Guaranteed Lifetime Income Fund India x
Sandman SIPP Isle of Man x
Totals: 16 0 2

QROPS List FAQ

The QROPS List is an invaluable free tool for advisers and retirement savers seeking an expat pension.

However, how to use 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 per cent 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
  • Germany
  • Iceland
  • Ireland
  • Latvia
  • Luxembourg
  • Malta
  • The Netherlands
  • Norway
  • Slovakia
  • Sweden

QROPS countries 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
  • 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 closes
  • 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 imply wrongdoing by a retirement saver or provider.

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



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