The Recognised Overseas Pension Schemes (ROPS) 01 February 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 February 2024, the Gov.UK update notification says that there have been 14 schemes added and 16 removed:
So, here is my analysis of the details provided within the List but being overwritten 2 weeks later. The updated list of 01 February 2024 contains the following changes from the ROPS List published 15 January 2024:
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No changes.
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 cannot always match my counting with HMRC’s, like 02 January 2024 when they counted 18 additions, but I counted 19.