The QROPS market seems to have shrugged off recent compliance changes set in motion by the British tax man.
The latest official list of offshore pensions for expats added 24 QROPS to the 989 published two weeks ago, taking the total to 1,054 schemes.
One provider, STM Group, reports tax changes in the March Budget that introduced a 25% transfer charge on some QROPS, have slowed the number of inquiries from expats considering switching their retirement savings offshore.
As usual, more schemes opened in Australia than anywhere else – where 11 were added to the tally of 443 to make the number of QROPS available to 454 taking the country’s total to 45% of the pensions available worldwide.
New rules hit QROPS numbers
More QROPS joined the list from Guernsey (2); Ireland (2); Isle of Man (7); Jersey (1) and New Zealand (1).
At the start of the financial year (April 6), the list included 1,342 QROPS. Due to legislation changes, this dropped by 410 to 932 by April 18.
QROPS numbers are roughly back to where they were a year ago. On April 1, 2016, 1,075 pensions were listed.
The HMRC list details all the offshore pensions worldwide that self-certify they meet QROPS rules and is published online at least fortnightly.
UK pension providers and retirement savers cannot transfer pension funds to unlisted offshore pensions. Tax penalties
The next HM Revenue and Customs QROPS List is scheduled for August 1, 2017.
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
| Financial Centre | Number of QROPS |
|---|---|
| Australia | 454 |
| Austria | 6 |
| Barbados | 1 |
| Belgium | 1 |
| Bulgaria | 3 |
| Denmark | 1 |
| EU Institution | 1 |
| Finland | 1 |
| Germany | 9 |
| Gibraltar | 40 |
| Guernsey | 30 |
| Hong Kong | 21 |
| Hungary | 1 |
| India | 13 |
| Ireland | 53 |
| Isle of Man | 250 |
| Jersey | 34 |
| Kenya | 1 |
| Latvia | 3 |
| Liechtenstein | 1 |
| Luxembourg | 2 |
| Malta | 34 |
| Mauritius | 2 |
| Netherlands | 14 |
| New Zealand | 31 |
| Norway | 1 |
| South Africa | 3 |
| Spain | 1 |
| Switzerland | 1 |
| Total: | 1013 |
Source: HMRC
The table shows the net number of schemes, accounting for new listings and removals since the publication of the last list.
