The number of Qualifying Recognised Overseas Pension Scheme (QROPS) has jumped to a new record high after slipping back with more than 100 schemes suspended from the official HM Revenue & Customs (HMRC) QROPS List in July.
The latest QROPS List, published on August 1, 2014, list 3,423 pensions – seven higher than the previous peak on July 1, 2014.
The total also represents a net increase of 327 new QROPS since August 1, 2013 to take account of schemes that have closed or been suspended during the year.
Australia leads the table of 42 QROPS jurisdictions as usual, with 1,431 (41.81%) of all QROPS.
Although 99 were closed or suspended last month, Australian QROPS providers bounced back with a net increase of 115 pensions this month.
Pension flexibility
This is a record number of QROPS for a single financial centre and beats the previous high of 1,415 reported on July 1, 2014.
During the year, Australia has seen a net increase of 227 QROPS pensions.
The list is the official database of QROPS available as transfer destinations for British expats or international workers with UK pension rights. If the scheme is not on the list, a UK pension provider cannot send money to the QROPS, although a few schemes are anonymous and can only be contacted through HMRC in writing.
In the past few days Treasury officials in the UK confirmed the British government is considering extending pension flexibility rules to QROPS, but no details have yet been released.
| QROPS List - August 1, 2014 | ||
|---|---|---|
| Jurisdiction | Count of QROPS pensions | |
| Values | ||
| August 1, 2013 | August 1, 2014 | |
| Australia | 1204 | 1431 |
| Austria | 9 | 11 |
| Barbados | 4 | 2 |
| Belgium | 22 | 23 |
| Bulgaria | 3 | 3 |
| Canada | 99 | 92 |
| Czech Republic | 4 | 3 |
| Denmark | 8 | 8 |
| European Union | 1 | 1 |
| Finland | 4 | 3 |
| France | 39 | 37 |
| Germany | 56 | 55 |
| Gibraltar | 19 | 40 |
| Greece | 1 | 1 |
| Guernsey | 48 | 74 |
| Hong Kong | 2 | 3 |
| Hungary | 1 | 1 |
| Iceland | 3 | 3 |
| India | 19 | 12 |
| Ireland | 721 | 759 |
| Isle of Man | 224 | 224 |
| Italy | 45 | 48 |
| Jamaica | 2 | 2 |
| Jersey | 135 | 136 |
| Latvia | 1 | 3 |
| Liechtenstein | 2 | 3 |
| Luxembourg | 8 | 10 |
| Malta | 16 | 21 |
| Mauritius | 2 | 1 |
| Netherlands | 104 | 110 |
| New Zealand | 48 | 58 |
| Norway | 7 | 8 |
| Portugal | 23 | 23 |
| Russian Federation | 1 | 1 |
| South Africa | 31 | 31 |
| Spain | 16 | 16 |
| Sri Lanka | 1 | 1 |
| Sweden | 8 | 7 |
| Switzerland | 135 | 139 |
| Trinidad & Tobago | 3 | 2 |
| Turkey | 3 | 3 |
| USA | 14 | 14 |
| Total: | 3096 | 3423 |
| Source: HMRC | ||
