The Recognised Overseas Pension Schemes (ROPS) 15 May 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.?

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 15 May 2023, the Gov.UK update notification says that there have been 9 schemes added and 5 removals:

• Australia – 8 additions and 2 removals
• Ireland – 1 removal
• Isle of Man – 1 addition and 1 removal
• Malta – 1 removal

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

1. Australia - Barr Family Super Fund??????????
2. Australia - BCH SMSF
3. Australia - C Hunt and H Barlow-Hunt Superfund
4. Australia - Genrich 55 Plus Superannuation Fund
5. Australia - Higgins Nine Superannuation Fund
6. Australia - Knights & Wells Super Fund
7. Australia - Preesah Superannuation Scheme????????????????????
8. Australia - Toys Hill Super Fund??????????????
9. Isle of Man - G & C Brown Personal Pension Scheme

No changes.

1. Australia - Nichols Superannuation Fund
2. Australia - Paul Gladwell Superannuation Fund??
3. Ireland - Bernie Neville Executive Pension Portfolio?????????
4. Isle of Man - MacGregor J Personal Pension Scheme
5. Malta - Bourse Retirement Scheme (Malta)

Where the ROPS List is used by professionals, 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 have to 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!