The ROPS list is a must-read for all UK payroll and pensions professionals. It is 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. However, sometimes 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.
The ROPS List 17 February 2020
The Gov.UK update notification says that 3 schemes have been added and 3 removed. Until the time that HMRC provides information in the update section, for the benefit of the payroll and pension professions, here are the details that are not currently provided publicly and are being overwritten 2 weeks later.
The updated list from 17 February 2020 contains the following changes from the ROPS List published 05 February 2020:
The 3 schemes added are:
- Australia – Romaine Super Fund
- Isle of Man – Ardonan Isle of Man SIPP
- Isle of Man – Willmott SIPP
There are 3 removals as follows:
- Gibraltar – ARIA IP Gibraltar QROPS Pension Scheme
- Guernsey – Granite 2009 Pension Scheme
- Liechtenstein – LV 1871 Private Pension
There are no changes.
Whilst the List does contain details of the updates, these are removed the next time it is updated. There is no running commentary of the additions, removals and changes.
I have tried to get HMRC to change the way that they provide this information so that there are details of the schemes that have been added, deleted or removed. After all, we get this with List 3. However, HMRC’s current team of civil servants in charge of updating the ROPS list have refused to change the way that they work.
Therefore, if you do use this list, please make sure you make a note of the amendments every two weeks. If you dare to take holiday or go sick for a period of time, details of those changes you missed will not appear in HMRC’s update section.