The Recognised Overseas Pension Schemes (ROPS) 01 August 2024

The list is a must-read for all UK payroll and pensions professionals, updated twice monthly on the 1st and the 15th of the month, though this may change if those dates fall on a weekend or Bank Holiday. 

Sometimes, however, HMRC will update the List at other times ‘to temporarily remove schemes while reviews are carried out, for example where fraudulent activity is suspected’. 

The ROPS list contains details of all overseas pension schemes that have advised HMRC they want to be included on it.  ‘Recognise’ indicates that HMRC recognise the overseas pension scheme as being one that is eligible to receive transfers of UK pension benefits.  However, it does not mean that they are approved by HMRC or automatically qualify as a ‘qualifying scheme’ (a Qualifying Recognised Overseas Pension Schemes (QROPS)).  

But the scheme must be a ROPS before it can tell HMRC that it is a QROPS!

On 01 August 2024, the update notification says there have been 17 schemes added and 12 removed: 

• Australia – 13 additions and 10 removals
• India – 1 addition
• Jersey – 2 additions
• Netherlands – 1 addition and 2 removals

So, here is my analysis of the details provided within the List but being overwritten 2 weeks later.  The updated list of 01 August 2024 contains the following changes from the ROPS List published 15 July 2024:

1. Australia - Barnicoat Family Super Fund              
2. Australia - CAGH Superfund                     
3. Australia - Cgjgperth Super Fund             
4. Australia - CE Atkinson SMSF                   
5. Australia - Huxtable-Ayto Superannuation Fund              
6. Australia - Mazilys Superannuation Fund                                         
7. Australia - McBain Superannuation Fund                           
8. Australia - McRigby Family Super Fund                
9. Australia - Morgan Family Pension Trust                            
10. Australia - SJE Super Fund                        
11. Australia - Tassie Super Fund                   
12. Australia - Willis Darcy Super                   
13. Australia - Yossarian Super                       
14. India - ABSLI Guaranteed Annuity Plus
15. Jersey - Donald Christopher Gardener Approved Drawdown Contract
16. Jersey - Logicalis Channel Islands Limited Pension Scheme
17. Netherlands - Serviceplan Netherlands B.V.

No changes.

1. Australia - A & C Fowler SMSF
2. Australia - ABSLI Guaranteed Annuity Plus
3. Australia - Dead Tan & Ginger Superannuation Fund
4. Australia - Julpet Superannuation Fund
5. Australia - Jumbunna Retirement Fund
6. Australia - Mooney Family Superannuation Fund             
7. Australia - Phil — Judi Lawton Super Fund
8. Australia - PJM & K Maloney Super Fund             
9. Australia - Sedgefield Superannuation Fund
10. Australia - SRM Swan
11. Netherlands - Pensioenreglement uitkeringsovereenkomst Pensioenfonds PGB
12. Netherlands - Stichting Bedrijfstakpensioenfonds voor de Handel in Bouwmaterialen in Nederland

As above, just because it meets the criteria to be recognised by HMRC (ROPS) does not mean that the scheme is qualifying (a QROPS).  

Where the List is used, please ensure you look at every update, as HMRC’s current team of civil servants in charge of updating the ROPS list have refused to change the way that they work.  Whilst details are contained within the list, these are overwritten the next time the list is updated.  

So, in the absence of the details, professionals must constantly monitor the list every time it comes out for fear that they will miss important information. 

Also, do check the details carefully to see if the update details match reality, as sometimes they do not.  I could not agree the 15 July 2024 numbers quoted (17 removals quoted but there were only 13).