Sixteen Qualifying Recognised Overseas Pension Schemes (QROPS) were added to the UK tax man’s official list in the past two weeks.
The worldwide total is now 1,275 offshore pensions for expats – an increase of 16 pensions over the 1,259 total on the last list published on January 15 and 315 up on a year ago.
Australia saw 10 new schemes added, while Germany, India, the Isle of Man, Latvia, Malta and the Netherlands all increased their totals by one.
No QROPS were delisted and the number of countries offering the pensions remains at 40.
Australia is the country hosting the largest number of QROPS – with 387 or 30% of all schemes.
The QROPS List is published by HMRC every two weeks.
What is the QROPS List?
The list is not an approved pension directory but a guide to schemes that have self-certified that they meet QROPS qualification rules.
Transferring pension cash to an offshore scheme not on the list can result in financial penalties.
QROPS pensions are offshore personal pensions designed to give British expats and international workers with UK pension savings easier access to their retirement cash.
Switching to a QROPS offshore pension can give tax other financial benefits to many retirement savers.
According to the latest figures from HMRC, 108,000 savers have switched £8.8 billion of pension cash into QROPS since the scheme was started in April 2006.
The next QROPS list is due on February 15, 2017.
|download the guide here.|
QROPS List By Financial Jurisdiction
|Country||No of QROPS|
|Isle of Man||248|
|United States of America||1|
The table shows the net number of schemes, accounting for new listings and removals since the publication of the last list.