QROPS LIST – January 15, 2015

After a New Year spurt, the number of new Qualifying Recognised Overseas Pension Scheme (QROPS) opening has slowed.

With the addition of Kosovo, Kenya and the Falkland Islands to the number of financial centres offering QROPS in the past few weeks and a surge in the number of schemes opening, it was likely the market would take stock.

The number of QROPS offered worldwide has swelled to 3,650 – yet another record number of schemes.

Just 16 were added in the past fortnight – with 15 joining the list from Australia, two from India and one from the Isle of Man. The net number of 3,650 was met by two schemes leaving the list from Switzerland and the USA.

However, QROPS watchers can expect a burst in activity over the next few weeks after HM Revenue & Customs (HMRC) announced the UK’s new flexible access pension rules will also apply to all QROPS from April 6, 2015.

The rule change means that instead of keeping 70% of a pension fund intact to provide a retirement income, savers can draw up to 100% of their pension fund as a lump sum to spend as they wish.

The next QROPS list is due to be published by HMRC on February 1, 2015