Bank holidays put the brakes on the progress of new Qualifying Recognised Overseas Pension Schemes (QROPS) opening during the past two weeks,
Three bank holidays and extra days off for civil servants in the UK has seen HM Revenue & Customs (HMRC) publishing the last two QROPS lists late and a slow-down in processing administration.
Six new QROPS opened in the past two weeks and one closed.
Ireland, Malta and Switzerland each saw two new offshore pensions opening the doors for business, while one scheme in Canada was lost from the list.
HMRC does not comment on QROPS exclusions, but a range of reasons can apply. These include suspension for administrative review, members dying or moving money out of a single member scheme or trustees notifying their pension no longer has QROPS status.
New record for QROPS numbers
However, the number of QROPS available worldwide nudged up to yet another new high of 3,390 pensions offered in 42 financial jurisdictions.
During the past 12 months, 394 QROPS have opened, with 251 starting in Australia.
Hong Kong has seen the most pensions suspended, with numbers reduced from 25 to just three.
HMRC is due to publish the next QROPS list on May 15, 2014.
| QROPS List - May 1, 2014 | ||
|---|---|---|
| Jurisdiction | Count of QROPS pensions | |
| Values | ||
| April 23, 2014 | May 1, 2014 | |
| Australia | 1390 | 1390 |
| Austria | 11 | 11 |
| Barbados | 2 | 2 |
| Belgium | 22 | 22 |
| Bulgaria | 3 | 3 |
| Canada | 101 | 100 |
| Czech Republic | 3 | 3 |
| Denmark | 8 | 8 |
| European Union | 1 | 1 |
| Finland | 3 | 3 |
| France | 41 | 41 |
| Germany | 56 | 56 |
| Gibraltar | 35 | 35 |
| Greece | 1 | 1 |
| Guernsey | 68 | 68 |
| Hong Kong | 3 | 3 |
| Hungary | 1 | 1 |
| Iceland | 3 | 3 |
| India | 27 | 27 |
| Ireland | 747 | 749 |
| Isle of Man | 236 | 236 |
| Italy | 47 | 47 |
| Jamaica | 2 | 2 |
| Jersey | 136 | 136 |
| Latvia | 1 | 1 |
| Liechtenstein | 3 | 3 |
| Luxembourg | 8 | 8 |
| Malta | 19 | 21 |
| Mauritius | 2 | 2 |
| Netherlands | 108 | 108 |
| New Zealand | 55 | 55 |
| Norway | 8 | 8 |
| Portugal | 23 | 23 |
| Russian Federation | 1 | 1 |
| South Africa | 30 | 30 |
| Spain | 16 | 16 |
| Sri Lanka | 1 | 1 |
| Sweden | 8 | 8 |
| Switzerland | 136 | 138 |
| Trinidad & Tobago | 2 | 2 |
| Turkey | 3 | 3 |
| USA | 14 | 14 |
| Total: | 3385 | 3390 |
| Source: HMRC | ||
