Retirement

118 QROPS Suspended By HMRC

More than 118 pensions are missing off the latest Qualifying Recognised Overseas Pension Scheme (QROPS) official list.

Published on July 15, 2014, the list shows 99 Australia QROPS; 15 from India; three from Canada and one from Mauritius are no longer accepting transfers in.

HM Revenue & Customs (HMRC), which publishes the list, declines to comment on why QROPS are suspended.

The reasons can include tax abuse, members transferring out of single member schemes, pensions no longer qualifying as QROPS or administrative reviews of the status of a scheme.

Third largest QROPS cull ever

This is the third largest mass suspension of QROPS pensions since the schemes started in April 2006.

  • In February 2010, 149 QROPS were suspended – 110 from Australia; 33 from Ireland; four from Guernsey and two from the Isle of Man
  • In April 2012, 372 were delisted – 304 from Guernsey; 41 from New Zealand; 28 from the Isle of Man; six from Ireland; four from Cyprus and one from Malta

Overall, 3,311 QROPS are based in 42 financial jurisdictions – 105 less than detailed on the last list published on July 1, 2014.

The difference between delisted schemes and the total number is accounted for by new QROPS opening – four in New Zealand; two each in Gibraltar, Guernsey and the Isle of Man; and one each in Ireland, Trinidad and the USA.

The next QROPS list is due on August 1, 2014.

Actual and Projected GDP Tables
Rank2013 (actual)20202030
1USUSUS
2ChinaChinaChina
3JapanJapanIndia
4GermanyGermanyJapan
5FranceUKGermany
6UKFranceUK
7BrazilIndiaBrazil
8ItalyBrazilFrance
9RussiaRussiaRussia
10IndiaItalyMexico
Source: PwC

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