More than 400 QROPS pensions were culled and nine financial centres lost QROPS status as the HM Revenue and Customs rule change deadline passed on April 13.
Only two new schemes joined the official HMRC QROPS List – in the USA and Bulgaria.
America joined the list for the first time since March 1.
A total of 410 QROPS were delisted – taking the total worldwide down from 1,342 on April 6 to 932.
The delistings follow a rule change by HMRC and the UK Treasury demanding all QROPS could only accept transfers from UK pension funds if they are regulated in the country where they are administered.
If the scheme is not regulated, then the provider cannot offer the QROPS outside the European Economic Area and must ringfence 70% of any tax-relieved contributions to provide pension benefits to scheme members.
The delisted QROPS pensions for expats
Financial centres losing QROPS status as all their pensions were delisted were:
- Czech Republic
- Sri Lanka
Guernsey was the financial centre to suffer the most QROPS losses with 100 schemes delisted.
Other centres to suffer big losses were:
- Australia (-89)
- The Netherlands (-44)
- Ireland (-38)
- Jersey (-36)
- Guernsey (-20)
- Isle of Man (-15)
Other financial centres with delisted QROPS are:
- South Africa and Belgium (-8 each)
- Gibraltar (-7)
- New Zealand and Sweden (-6 each)
- Austria and Portugal (-4 each)
- India and Norway (-3 each)
- Czech Republic, Iceland, Liechtenstein, Luxembourg, Malta and Turkey (-2 each)
- Greece, Hong Kong, Hungary, Jamaica, Kosovo, Mauritius, Spain, Sri Lanka and Switzerland (-1 each)
The next HMRC QROPS List is due on May 1, 2017.
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QROPS List By Financial Jurisdiction
|Country||No of QROPS|
|Isle of Man||241|
The table shows the net number of schemes, accounting for new listings and removals since the publication of the last list.