An extra surprise Qualifying Recognised Overseas Pension Scheme (QROPS) List has been published by HM Revenue & Customs (HMRC) just days after the last scheduled list was released.
Rumours are rife within the QROPS industry that HMRC is ready to pull the plug on India QROPS.
However, HMRC has a policy of not disclosing information relating to specific QROPS schemes or jurisdictions.
“We do not discuss arrangements involving individuals, providers or jurisdictions, “said a HMRC spokesman.
India QROPS delisted
“All we can say is lists are published when any important changes need disclosing.”
The list shows five India QROPS were suspended just three days after the scheduled October 15 list was published.
The total number of QROPS pensions decreased by six between publishing of the two lists.
Schemes opened in:
- Australia (5)
- Barbados (1)
While QROPS were delisted in:
- India (5)
- Canada (4)
- Malta (2)
- France (1)
The total number of QROPS worldwide stands at 3,541 across 42 financial jurisdictions.
New QROPS schemes
Year-on-year a net total of 358 new QROPS opened, with Australia with 266 new QROPS and India the jurisdiction losing the most – 19 pensions over 12 months.
The next jurisdiction to lose the highest net number of QROPS was the Isle of Man, with five pensions delisted over the year.
The next QROPS list is due for publication on November 1, 2014.
| QROPS List - October 27, 2014 | ||
|---|---|---|
| Financial jurisdiction | October 15, 2014 | October 27, 2014 |
| Australia | 1515 | 1520 |
| Austria | 11 | 11 |
| Barbados | 1 | 2 |
| Belgium | 23 | 23 |
| Bulgaria | 3 | 3 |
| Canada | 101 | 97 |
| Czech Republic | 3 | 3 |
| Denmark | 9 | 9 |
| European Union | 1 | 1 |
| Finland | 3 | 3 |
| France | 40 | 39 |
| Germany | 55 | 55 |
| Gibraltar | 41 | 41 |
| Greece | 1 | 1 |
| Guernsey | 82 | 82 |
| Hong Kong | 4 | 4 |
| Hungary | 1 | 1 |
| Iceland | 3 | 3 |
| India | 12 | 7 |
| Ireland | 770 | 770 |
| Isle of Man | 224 | 224 |
| Italy | 48 | 48 |
| Jamaica | 2 | 2 |
| Jersey | 137 | 137 |
| Latvia | 3 | 3 |
| Liechtenstein | 3 | 3 |
| Luxembourg | 8 | 8 |
| Malta | 22 | 20 |
| Mauritius | 2 | 2 |
| Netherlands | 114 | 114 |
| New Zealand | 59 | 59 |
| Norway | 8 | 8 |
| Portugal | 23 | 23 |
| Russian Federation | 1 | 1 |
| South Africa | 32 | 32 |
| Spain | 16 | 16 |
| Sri Lanka | 1 | 1 |
| Sweden | 7 | 7 |
| Switzerland | 139 | 139 |
| Trinidad | 2 | 2 |
| Turkey | 3 | 3 |
| USA | 14 | 14 |
| Grand Total | 3547 | 3541 |
| Source: HMRC | ||
Surprise India Qualifying Recognised Overseas Pension Scheme (QROPS) move as industry experts speculate more schemes may face suspensions
