Retirement

QROPS List – July 15, 2015

The number of Qualifying Recognised Overseas Pension Schemes (QROPS) has recovered as 48 new schemes join the list, according to the latest data from HM Revenue & Customs (HMRC).

Since the introduction of the pension age test on April 6, more than 3,000 of the offshore schemes have stopped receiving transfers from British expats and overseas workers who have accrued pension rights in the UK.

The pension age test bans anyone under 55 years old from drawing QROPS benefits unless they are suffering from serious ill-health. QROPS that have provisions to allow payments to younger retirement savers cannot accept transfers from an onshore pension.

The latest list published by HMRC discloses 48 new schemes are now available – taking the number up from 665 two weeks ago to 713 on July 15.

The number of financial centres offering the pensions remains at 37.

Most of the new QROPS were listed in The Netherlands (15) and Guernsey (10). Other newly listed pensions were in the Isle of Man (7), Italy (5), South Africa (4), Canada (3) and one each in Germany, Hong Kong, Jersey and New Zealand.

No pensions were delisted.

The next list from HMRC is due on August 1, 2015.

QROPS List - July 15, 2015
Financial jurisdictionNo of QROPS
Australia1
Austria6
Belgium14
Bulgaria2
Canada65
Czech Republic1
Denmark2
European Union1
France4
Germany20
Gibraltar42
Greece1
Guernsey64
Hong Kong3
Iceland1
India8
Ireland62
Isle of Man191
Italy15
Jamaica1
Jersey74
Kenya1
Kosovo1
Latvia2
Liechtenstein1
Luxembourg4
Malta22
Mauritius1
Netherlands46
New Zealand30
Norway5
South Africa11
Spain2
Sweden5
Switzerland1
Turkey1
USA2
Number of QROPS:713
Source: HMRC

Leave a Comment