The world of Qualifying Recognised Overseas Pension Schemes (QROPS) has changed little over the past two weeks, according to the latest figures from HM Revenue & Customs.
Slovakia – the last financial centre removed from the list is still absent despite Tatra Banka, the provider of all four QROPS in the country explaining removal was ‘in error’ and a quick return to the list was expected.
HMRC declined to comment on the removal of the schemes from the QROPS list.
The latest list- published on March 1, 2013 – has 2,931 QROPS pensions from 46 countries – up 26 (0.8%) from 2,905 on February 15, 2013.
The total is the second highest number of QROPS listed since the schemes started in April 2006.
The peak was 3,001 QROPS in March 2012, on the eve of an HMRC tax clamp down that saw 368 QROPS close for new business overnight, mainly in Guernsey, New Zealand and the Isle of Man.
QROPS movers and shakers
The changes are:
- Australia – an increase of 13 schemes
- Ireland – three schemes added
- Italy, Isle of Man, Norway and New Zealand – all added two schemes
- Malta and Gibraltar – both added one scheme
No schemes or jurisdictions left the list.
HMRC publishes the QROPS list every fortnight as a web site download http://www.hmrc.gov.uk/pensionschemes/qrops.pdf
UK pension administrators can only transfer funds out of the UK to a QROPS on the list – although inclusion does not signify the scheme is ‘approved’ by HMRC.
The list details QROPS worldwide that have self-certified to HMRC that their schemes meet UK pension and tax rules.
The full list country-by-country is:
|Isle of Man||213|
|St Vincent & The Grenadines||1|
|Trinidad & Tobago||3|
|No of jurisdictions||46|
|No of schemes||2931|
Source: HMRC March 1, 2013