HM Revenue and Customs figures showed that a new QROPS pension was opening every day on average in a thriving international marketplace.
The figures do not show where the money goes, but do reveal the financial centres hosting the most expat pensions.
Australia was still leading the way with 1,552 QROPS – 43% of all QROPS listed worldwide.
Ireland was second with 774, which was 22% of the pensions listed. Together, the two centres had 66% of all QROPS based within their borders. The other third were based across 42 other financial centres.
But the market was changing.
No one saw what was coming
In April, Chancellor George Osborne made two announcements –
- New flexible access pension rules would cover QROPS
- Public sector pension transfers would be banned from switching to QROPS from April 2015
Little did QROPS providers foretell the impact of flexible access in the coming year.
The year ended with HMRC confirming flexible access for QROPS, but no meat on the bones as they were still working on the details, they said.
QROPS opened in Kosovo and The Falkland Islands in December as HMRC announces QROPS III rules would come into force in 2015.
Meanwhile, HMRC published the 100th QROPS List since April 2006 in November and the number of pensions hits a peak of 3,500.
This was in spite of action in India where 19 pensions closed during the year amid rumours of tax irregularities.
QROPS Year by Year Summary
We review and summarise the QROPS news for each year from the launch of QROPS to now. Click on the below links to read:
QROPS OFFSHORE PENSIONS AFTER 10 YEARS
QROPS 2006 – A-Day Launches New Offshore Pension
QROPS 2007 – A Year Of Explosive Growth
QROPS 2008 – HMRC Cracks Down On Rogue Pensions
QROPS 2009 – Gibraltar Tax Problem Rocks Expats
QROPS 2010 – Singapore Legal Challenge Launched
QROPS 2011 – Rooting Out The Rogues
QROPS 2012 – Hundreds of Pensions Delisted
QROPS 2013 – HMRC Humiliated In High Court
QROPS 2015 – No One Foresaw The Pension Age Test
QROPS 2016 – The Story So Far… But Not The End
Further QROPS Information and Guidance
For more information about QROPS and the benefits it provides, download the iExpats QROPS Guide or complete the Get Advice form.
