The number of Qualifying Recognised Overseas Pension Scheme s has hit another peak of 3,133 pensions worldwide, according to the latest HM Revenue and Customs QROPS list.
The list shows 19 extra QROPS have opened across 46 financial jurisdictions worldwide since August 15.
However, drilling down into the figures shows the market is split – with 12 jurisdictions accounting for more than 90% of all QROPS and the other 34 making up the rest.
QROPS: Where the pensions are based
| Country | No of QROPS | Market share | |
|---|---|---|---|
| 1 | Australia | 1224 | 39.07% |
| 2 | Ireland | 720 | 22.98% |
| 3 | Isle of Man | 227 | 7.25% |
| 4 | Switzerland | 138 | 4.40% |
| 5 | Jersey | 135 | 4.31% |
| 6 | Netherlands | 104 | 3.32% |
| 7 | Canada | 98 | 3.13% |
| 8 | Germany | 56 | 1.79% |
| 9 | Guernsey | 50 | 1.60% |
| 10 | New Zealand | 48 | 1.53% |
| 11 | Italy | 45 | 1.44% |
| 12 | France | 40 | 1.28% |
| Sub-total | 2885 | 92.10% | |
| The rest | 248 | 7.90% | |
| Total | 3133 | 100% |
Australia has opened 260 new QROPS scheme in the past 12 months, with Ireland setting up 63, Guernsey 32, the Isle of Man 28, New Zealand 15 and Gibraltar 12. No other QROPS centre reached double figures.
The two QROPS jurisdiction losers in the last year are:
- Slovakia, which has seen all four schemes close and removal from the QROPS list
- Hong Kong – where 23 pensions were recently delisted
HMRC has a policy of not commenting on individual scheme removal, so no one knows for share why these schemes closed or whether they may reopen.
According to the latest QROPS list, only five jurisdictions showed any change in the gross number of QROPS schemes – Australia (+12), Isle of Man (+3), Gibraltar (+2), while Guernsey and France both added one each.
HMRC publishes a QROPS list every two weeks – the next is due on September 15, 2013.
QROPS List: September 1, 2013
| Country | Scheme Count | ||
|---|---|---|---|
| August 23, 2012 | August 15, 2013 | September 1, 2013 | |
| Australia | 964 | 1212 | 1224 |
| Austria | 9 | 9 | 9 |
| Bangladesh | 1 | 1 | 1 |
| Barbados | 4 | 4 | 4 |
| Belgium | 22 | 22 | 22 |
| Bulgaria | 3 | 3 | 3 |
| Canada | 90 | 98 | 98 |
| Czech Republic | 4 | 4 | 4 |
| Denmark | 8 | 8 | 8 |
| European Union | 1 | 1 | 1 |
| Finland | 8 | 4 | 4 |
| France | 36 | 39 | 40 |
| Germany | 53 | 56 | 56 |
| Gibraltar | 10 | 20 | 22 |
| Greece | 1 | 1 | 1 |
| Guernsey | 18 | 49 | 50 |
| Hong Kong | 25 | 2 | 2 |
| Hungary | 1 | 1 | 1 |
| Iceland | 3 | 3 | 3 |
| India | 18 | 19 | 19 |
| Ireland | 657 | 720 | 720 |
| Isle of Man | 199 | 224 | 227 |
| Italy | 38 | 45 | 45 |
| Jamaica | 2 | 2 | 2 |
| Jersey | 132 | 135 | 135 |
| Latvia | 0 | 1 | 1 |
| Liechtenstein | 2 | 2 | 2 |
| Luxembourg | 8 | 8 | 8 |
| Malaysia | 1 | 1 | 1 |
| Malta | 8 | 16 | 16 |
| Mauritius | 2 | 2 | 2 |
| New Zealand | 33 | 48 | 48 |
| Norway | 5 | 7 | 7 |
| Portugal | 23 | 23 | 23 |
| Russian Federation | 1 | 1 | 1 |
| South Africa | 30 | 31 | 31 |
| Spain | 14 | 16 | 16 |
| Sri Lanka | 1 | 1 | 1 |
| St Lucia | 3 | 3 | 3 |
| St Vincent & The Grenadines | 1 | 1 | 1 |
| Sweden | 7 | 8 | 8 |
| Switzerland | 138 | 138 | 138 |
| The Netherlands | 99 | 104 | 104 |
| Trinidad & Tobago | 3 | 3 | 3 |
| Turkey | 3 | 3 | 3 |
| USA | 16 | 15 | 15 |
| Grand Total | 2705 | 3114 | 3133 |
Source: HMRC
Note: These tables are gross totals, so although a number of QROPS may have opened and closed in a financial jurisdiction, the figures quoted are the current number of open QROPS.
Getting Advice
A financial adviser with QROPS experience will determine whether a QROPS is the best choice for your financial goals, then will guide you through the process.
To be put in touch with a qualified financial adviser, please contact us via the contact form here for a referral.
