HMRC have produced their latest Recognised Overseas Pension Scheme (ROPS) list detailing over 3,700 QROPS providers covering 45 jurisdictions. As mentioned before, HMRC’s QROPS list has morphed into the ROPS list though nothing has changed except the wording. To clarify, all QROPS providers are self certified and may not be qualified upon further scrutiny. Similarly, not all qualifying schemes based abroad will show up. A current snap shot of the number of QROPS per location based on HMRC’s list can be found below.
New Zealand QROPS encounter problems
The number of listed NZ QROPS has dropped by over 40% compared to the last update just over 2 weeks ago. The exact reasoning behind this is unknown but may have to do with the latest changes to QROPS rules which came into force recently. The size of the drop suggests it is a jurisdictional issue rather than provider specific.
Important: Do not panic. Other jurisdictions have been through a similar delisting of a sizeable number of their QROPS providers. What follows is general guide on what this means to you.
Of importance, you are under no obligation to transfer out of your existing scheme. You can still receive benefits without incurring the member payment charge so long as the scheme is run in the same manner as if the QROPS status remained.
Apart from the NZ QROPS issue there was very little change in the number of listed providers.