Qualifying Recognised Overseas Pension Schemes (QROPS) in Gibraltar and India were the surprise packages as the last scheduled HM Revenue & Customs QROPS List of the year was published on December 15, 2023.
Both financial centres had a late rush of new QROPS – Gibraltar added nine new schemes to double the number based on The Rock to 18, while India added five to boost the nation’s number of QROPS to 27.
Ireland added eight QROPS to move to a total 739 and Australia three to go to 1293 pensions.
Australia retained top place in QROPS rankings by number of QROPS, while Ireland stayed in second place.
QROPS market share
Guernsey and The Netherlands were the only jurisdictions to see schemes close, losing one QROPS each.
The numbers are net – meaning although Australia has ended 2013 with 261 more QROPS pensions than 12 months ago, the figure is the net number after closed or suspended schemes are taken into account as well.
HMRC does not issue figures for the cash under investment in QROPS, so the market share is by number of QROPS, not assets under control.
The next QROPS List is due on January 1, 2014.
QROPS LIST – December 15, 2013
| QROPS Jurisdictions |
Number of QROPS pensions |
Change since Dec 1, 2013 |
Year-on Year change |
Market share by no of QROPS |
||
| Values | ||||||
|
Dec 1, 2012 |
Dec 1, 2013 |
Dec 15, 2013 |
||||
| Australia |
1032 |
1290 |
1293 |
3 |
261 |
39.74% |
| Austria |
9 |
10 |
10 |
0 |
1 |
0.31% |
| Barbados |
4 |
2 |
2 |
0 |
-2 |
0.06% |
| Belgium |
22 |
22 |
22 |
0 |
0 |
0.68% |
| Bulgaria |
3 |
3 |
3 |
0 |
0 |
0.09% |
| Canada |
91 |
98 |
99 |
1 |
8 |
3.04% |
| Czech Republic |
4 |
3 |
3 |
0 |
-1 |
0.09% |
| Denmark |
8 |
8 |
8 |
0 |
0 |
0.25% |
| European Union |
1 |
1 |
1 |
0 |
0 |
0.03% |
| Finland |
8 |
3 |
3 |
0 |
-5 |
0.09% |
| France |
38 |
41 |
41 |
0 |
3 |
1.26% |
| Germany |
53 |
56 |
56 |
0 |
3 |
1.72% |
| Gibraltar |
13 |
24 |
33 |
9 |
20 |
1.01% |
| Greece |
1 |
1 |
1 |
0 |
0 |
0.03% |
| Guernsey |
29 |
56 |
55 |
-1 |
26 |
1.69% |
| Hong Kong |
25 |
2 |
2 |
0 |
-23 |
0.06% |
| Hungary |
1 |
1 |
1 |
0 |
0 |
0.03% |
| Iceland |
3 |
3 |
3 |
0 |
0 |
0.09% |
| India |
18 |
22 |
27 |
5 |
9 |
0.83% |
| Ireland |
678 |
731 |
739 |
8 |
61 |
22.71% |
| Isle of Man |
208 |
231 |
231 |
0 |
23 |
7.10% |
| Italy |
40 |
47 |
47 |
0 |
7 |
1.44% |
| Jamaica |
2 |
2 |
2 |
0 |
0 |
0.06% |
| Jersey |
132 |
135 |
136 |
1 |
4 |
4.18% |
| Latvia |
0 |
1 |
1 |
0 |
1 |
0.03% |
| Liechtenstein |
2 |
2 |
2 |
0 |
0 |
0.06% |
| Luxembourg |
8 |
8 |
8 |
0 |
0 |
0.25% |
| Malta |
9 |
17 |
18 |
1 |
9 |
0.55% |
| Mauritius |
2 |
2 |
2 |
0 |
0 |
0.06% |
| Netherlands |
99 |
107 |
106 |
-1 |
7 |
3.26% |
| New Zealand |
38 |
54 |
55 |
1 |
17 |
1.69% |
| Norway |
5 |
7 |
7 |
0 |
2 |
0.22% |
| Portugal |
23 |
23 |
23 |
0 |
0 |
0.71% |
| Russian Federation |
1 |
1 |
1 |
0 |
0 |
0.03% |
| South Africa |
30 |
31 |
31 |
0 |
1 |
0.95% |
| Spain |
14 |
16 |
16 |
0 |
2 |
0.49% |
| Sri Lanka |
1 |
1 |
1 |
0 |
0 |
0.03% |
| Sweden |
7 |
8 |
8 |
0 |
1 |
0.25% |
| Switzerland |
133 |
136 |
137 |
1 |
4 |
4.21% |
| Trinidad & Tobago |
3 |
2 |
2 |
0 |
-1 |
0.06% |
| Turkey |
3 |
3 |
3 |
0 |
0 |
0.09% |
| USA |
15 |
15 |
15 |
0 |
0 |
0.46% |
| Grand Totals |
2816 |
3226 |
3254 |
28 |
438 |
|
