The number of Qualifying Recognised Overseas Pension Schemes (QROPS) continues to increase, reaching another new high with the release of the latest HM Revenue & Customs (HMRC) QROPS List.
Published on February 1, the number of QROPS has hit 3,276 – up 12 from the last list published on January 15.
For some months, the market has seen an average one pension a day open across the 42 financial centres hosting providers.
Year-on-year, the number of QROPS has risen by 391 from 2,885 in February 2013.
The drop in 2012 is mainly as a result of HMRC upgrading qualification rules that closed more than 300 QROPS in Guernsey, the Isle of Man and New Zealand.
Top QROPS jurisdictions
The top two jurisdictions by number of QROPS remain the same and those with the largest monthly gains – Australia added five QROPS in the past two weeks to head the list with 1,304 pensions. Ireland added the same amount to total 743 QROPS.
Between them, these two nations have garnered 82% of the QROPS market by number of pensions.
HMRC plans to publish the next list on February 15, 2014.
The inexorable rise of the QROPS industry can be charted since the pension scheme opened in April 2006.
- February 2007 – 413 pensions
- February 2008 – 1,174
- February 2009 – 1,713
- February 2010 – 2,094
- February 2011 – 2,505
- February 2012 – 2,905
- February 2013 – 2,885
- February 2014 – 3,276
|QROPS List - February 1, 2014|
|QROPS Jurisdictions||Number of QROPS pensions||Change since Jan 15, 2014||Year-on Year change||Market share by no of QROPS|
|Feb 01, 2013||Jan 15, 2014||Feb 01,2014|
|Isle of Man||212||231||231||0||19||7.05%|
|Trinidad & Tobago||3||2||2||0||-1||0.06%|