The Recognised Overseas Pension Schemes (ROPS) 02 January 2024

Here we go for another year or until such time HMRC provide a running commentary on the changes to the ROPS List that they publish (like they do with List 3).

And we start 2024 with the situation that I cannot agree their published number of additions...

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 will change if those dates fall on a weekend or Bank Holiday – it didn’t in October and the updated List was published on Sunday the 1st. 

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.

On 02 January 2024, the Gov.UK update notification says that there have been 18 schemes added and 3 removed – I count 19 added, though: 

• Australia – 16 additions and 2 removals
• Jersey – 1 addition
• Netherlands – 2 additions and 1 removal

 So, here is my analysis of the details provided within the List but being overwritten 2 weeks later.  The updated list of 02 January 2024 contains the following changes from the ROPS List published 15 December 2023:

1. Australia - AG SMSF       
2. Australia - Curtis Super
3. Australia - D & J Wardle SMSF
4. Australia - Davidson Clan SMSF
5. Australia - DGV SuperFund
6. Australia - DVH Fund
7. Australia - Harvey Superannuation Fund
8. Australia - Hundred Acre Wood Superannuation Fund
9. Australia - My Options Okavango Super
10. Australia - Parsonson Family Superannuation Fund         
11. Australia - Richard Marsh Super Fund    
12. Australia - Rollason Super           
13. Australia - South West Rocks Superannuation    
14. Australia - Sunny Money             
15. Australia - The Gorvin Self Managed Superannuation Fund          
16. Australia - Wild Superannuation Fund                 
17. Jersey - Drawdown Contract
18. Netherlands - Jellyfish Netherlands B.V.
19. Netherlands - Zivver B.V

No amendments.

1. Australia - Hills E & J Super Fund                                                       
2. Australia - Madeline Ellis Super Fund     
3. Netherlands - Stichting Pensioenfonds van de Metalektro (PME)

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.