The number of Qualifying Recognised Overseas Pension Schemes (QROPS) has nudged over 3,500 for the first time and the rate new pensions are opening shows no sign of slowing.
The latest HM Revenue & Customs (HMRC) QROPS List shows the worldwide market now totals 3,506 pensions in 42 financial jurisdictions.
From the list, 30 new QROPS opened since the last HMRC update on September 1. None are listed as suspended.
Australia still leads the way as the world’s number one QROPS jurisdiction, with 1,489 schemes making up 42% of the total.
Providers opened 27 new QROPS in the past two weeks and 261 in the last 12 months.
QROPS list
Gibraltar, Ireland and South Africa added one new QROPS each in the last 14 days.
For all financial jurisdictions, the figures for the past year show 25 QROPS were suspended or closed, while 397 new QROPS opened.
HMRC gives no reason for why QROPS are delisted.
The reasons can vary from a single pension member dying or transferring their cash out of the scheme, to administrative or tax irregularities or a pension losing QROPS status.
The next QROPS list is due for publication on October 1, 2014.
QROPS pensions are special offshore retirement products for British expats and workers from other countries who are tax resident elsewhere but have pension funds in the UK.
QROPS List - September 15, 2014 | ||
---|---|---|
Jurisdiction | Count of QROPS pensions | |
Values | ||
September 16, 2013 | September 15, 2014 | |
Australia | 1228 | 1489 |
Austria | 9 | 11 |
Barbados | 4 | 2 |
Belgium | 22 | 23 |
Bulgaria | 3 | 3 |
Canada | 94 | 96 |
Czech Republic | 4 | 3 |
Denmark | 8 | 9 |
European Union | 1 | 1 |
Finland | 4 | 3 |
France | 39 | 37 |
Germany | 56 | 55 |
Gibraltar | 22 | 41 |
Greece | 1 | 1 |
Guernsey | 51 | 79 |
Hong Kong | 2 | 4 |
Hungary | 1 | 1 |
Iceland | 3 | 3 |
India | 21 | 12 |
Ireland | 724 | 765 |
Isle of Man | 228 | 223 |
Italy | 45 | 48 |
Jamaica | 2 | 2 |
Jersey | 135 | 137 |
Latvia | 1 | 3 |
Liechtenstein | 2 | 3 |
Luxembourg | 8 | 10 |
Malta | 16 | 22 |
Mauritius | 2 | 1 |
Netherlands | 104 | 114 |
New Zealand | 48 | 59 |
Norway | 7 | 8 |
Portugal | 23 | 23 |
Russian Federation | 1 | 1 |
South Africa | 31 | 32 |
Spain | 16 | 16 |
Sri Lanka | 1 | 1 |
Sweden | 8 | 7 |
Switzerland | 138 | 139 |
Trinidad | 3 | 2 |
Turkey | 3 | 3 |
USA | 15 | 14 |
Total: | 3134 | 3506 |