The Recognised Overseas Pension Schemes (ROPS) 15 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 15 August 2024, Gov.UK’s update notification says there have been 20 schemes added and 5 removed:
So, here is my analysis of the details provided within the List but being overwritten 2 weeks later. The updated list of 15 August 2024 contains the following changes from the ROPS List published 01 August 2024:
1. Australia - Ayling Slush Fund SMSF
2. Australia - BNET SMSF
3. Australia - Burgess Norman College
4. Australia - Cottam Intrique Super Fund
5. Australia - DK Super Fund
6. Australia - Glenval Super Fund
7. Australia - Greater Bounty SMSF
8. Australia - Hughes Super Fund
9. Australia - MillCrea Super
10. Australia - Mittigar Super Fund
11. Australia - Orr Super Fund
12. Australia - Ruthergreen SMSF
13. Australia - SP&J McGurk Superannuation Fund
14. Australia - Thirdspace Super Fund
Recommended by LinkedIn
15. Australia - Turnbull Superannuation Fund
16. Australia - Trustee for the LMT Superannuation Fund
17. Australia - Warr262 Super Fund
18. Australia - ZMP Superannuation Fund
19. Germany - New Pension Scheme of the European Patent Office
20. Kenya - Liberty Life Boresha Maisha Individual Pension Plan
No amendments.
1. Australia - Clifton ROPS Fund
2. Australia - E D Bennett Superannuation Fund
3. Australia - Speight Superfund
4. Australia - Tracey Delves Super Fund
5. Isle of Man - Jalna Personal Pension Scheme
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).