Australia have battled back to the top of the Qualifying Recognised Overseas Pension Scheme (QROPS) one year after the offshore pension industry was decimated by a sudden rule change.
On July 1, 2015, HM Revenue and Customs (HMRC) a much reduced QROPS List missing thousands of schemes that failed the new pension age test implemented alongside flexible access rules in the UK.
The new test barred any pension with arrangements to pay benefits to anyone under 55 years old.
Australia had 1653 QROPS on June 1, 2015 – and just one on July 1, 2015.
Pension Age Test one year on
A year on, Australia is again top of the QROPS table by number of pensions – with 252 schemes.
Overall, 41 financial centres host 1,192 QROPS, which is 461 fewer than just Australia had 12 months ago.
The QROPS List details the QROPS pensions in each country. Figures are not available for membership levels or the amount invested in each scheme.
HMRC plans to publish the next QROPS List on July 15, 2016.
For more information about QROPS and the benefits it provides, download the iExpats QROPS Guide or complete the Get Advice form.
QROPS List By Financial Jurisdiction
| Country | No of QROPS |
|---|---|
| Australia | 252 |
| Austria | 8 |
| Barbados | 1 |
| Belgium | 14 |
| Bulgaria | 2 |
| Canada | 68 |
| Czech Republic | 2 |
| Denmark | 3 |
| European Union | 1 |
| France | 12 |
| Germany | 32 |
| Gibraltar | 48 |
| Greece | 1 |
| Guernsey | 140 |
| Hong Kong | 13 |
| Hungary | 1 |
| Iceland | 1 |
| India | 11 |
| Ireland | 92 |
| Isle of Man | 213 |
| Italy | 19 |
| Jamaica | 1 |
| Jersey | 86 |
| Kenya | 1 |
| Kosovo | 1 |
| Latvia | 3 |
| Liechtenstein | 3 |
| Luxembourg | 4 |
| Malta | 25 |
| Mauritius | 3 |
| Netherlands | 63 |
| New Zealand | 32 |
| Norway | 6 |
| Portugal | 4 |
| South Africa | 12 |
| Spain | 2 |
| Sri Lanka | 1 |
| Sweden | 6 |
| Switzerland | 1 |
| Turkey | 2 |
| United States of America | 2 |
| Total: | 1192 |
Source: HMRC
