The Recognised Overseas Pension Schemes (ROPS) 01 October 2023
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 01.?
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 Sunday 01 October 2023, the Gov.UK update notification says that there have been 16 schemes added, 1 amendment and 6 removed:?
?So, here is my analysis of the details provided within the List but being overwritten 2 weeks later.? The updated list of 01 October 2023 contains the following changes from the ROPS List published 15 September 2023:
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We are back to the publication of updates to the ROPs List in alphabetical order, additions first, removals afterwards amendments somewhere in the middle.?
Plus, 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.