After a flurry of compliance and tax changes in recent weeks, the QROPS market seems to have stabilised.
After some uncertainty, 422 offshore pensions have lost their QROPS status as HM Revenue & Customs cracked down on schemes that self-certified they were keeping to the rules but were found to be breaking them.
Another 47 QROPS have joined the QROPS List published by HMRC.
These issues have left 967 QROPS worldwide – 375 fewer than on April 6, 2017, when the crackdown started.
Australia and IoM dominate QROPS
Additions to the latest list were in Australia (21), Gibraltar (6), Guernsey (1), Isle of Man (4), Jersey (3) and The Netherlands (1).
Australia, with 45% of all listed QROPS, and the Isle of Man with almost 25%, dominate the QROPS list hosting two out of three of the pensions worldwide.
Since QROPS were introduced in April 2006, almost 110,000 pension savers have transferred at least £8.8 billion from their UK funds to QROPS, says HMRC.
QROPS are offshore retirement schemes for British expats and overseas workers who have UK pension savings.
The next HM Revenue and Customs QROPS List is expected on July 1, 2017.
QROPS List By Financial Jurisdiction
| Financial Centre | No of QROPS |
|---|---|
| Australia | 434 |
| Austria | 6 |
| Barbados | 1 |
| Belgium | 1 |
| Bulgaria | 3 |
| Denmark | 1 |
| EU Institution | 1 |
| Finland | 1 |
| Germany | 9 |
| Gibraltar | 37 |
| Guernsey | 28 |
| Hong Kong | 21 |
| Hungary | 1 |
| India | 13 |
| Ireland | 51 |
| Isle of Man | 234 |
| Jersey | 32 |
| Kenya | 1 |
| Latvia | 3 |
| Liechtenstein | 1 |
| Luxembourg | 2 |
| Malta | 34 |
| Mauritius | 2 |
| Netherlands | 14 |
| New Zealand | 30 |
| Norway | 1 |
| South Africa | 3 |
| Spain | 1 |
| Switzerland | 1 |
| Total: | 967 |
Source: HMRC
The table shows the net number of schemes, accounting for new listings and removals since the publication of the last list.
