Qualifying Recognised Overseas Pension Scheme (QROPS) providers have added 31 pensions to the official HM Revenue and Customs (HMRC) QROPS List in the past two weeks.
Australia has again seen the largest leap in numbers – by 7% or 20 pensions from 270 to 290 QROPS to remain the financial centre with the most offshore schemes.
The QROPS market now consists of 1,244 pensions in 42 financial centres worldwide.
In second place, the Isle of Man added four, taking the total from 212 to 216.
Hong Kong’s total went from 13 to 15 as two new QROPS opened.
Guernsey, Jersey, the Netherlands, New Zealand and Portugal all had one pension open.
Guernsey is the third largest provider with 142 QROPS.
30% tax-free lump sums confirmed
Other QROPS headlines in the past two weeks included Malta confirming new laws that allow retirement savers to draw 30% tax-free lump sums rather than the 25% allowed by HMRC for onshore pensions.
HMRC also announced the terms of one unidentified QROPS were amended.
The QROPS List details the QROPS pensions in each country. Figures are not available for membership levels or the amount invested in each scheme.
Onshore financial providers can only transfer pension funds to QROPS on the list.
HMRC plans to publish the next QROPS List on August 15, 2016.
For more information about QROPS and the benefits it provides, download the iExpats QROPS Guide or complete the Get Advice form.
QROPS List By Financial Jurisdiction
| Financial centre | No of QROPS |
|---|---|
| Australia | 290 |
| Austria | 8 |
| Barbados | 1 |
| Belgium | 14 |
| Bulgaria | 2 |
| Canada | 67 |
| Czech Republic | 2 |
| Denmark | 3 |
| European Union | 1 |
| Finland | 1 |
| France | 12 |
| Germany | 31 |
| Gibraltar | 48 |
| Greece | 1 |
| Guernsey | 142 |
| Hong Kong | 15 |
| Hungary | 1 |
| Iceland | 1 |
| India | 11 |
| Ireland | 93 |
| Isle of Man | 216 |
| Italy | 19 |
| Jamaica | 1 |
| Jersey | 87 |
| Kenya | 1 |
| Kosovo | 1 |
| Latvia | 3 |
| Liechtenstein | 3 |
| Luxembourg | 4 |
| Malta | 25 |
| Mauritius | 3 |
| Netherlands | 65 |
| New Zealand | 36 |
| Norway | 6 |
| Portugal | 4 |
| South Africa | 12 |
| Spain | 2 |
| Sri Lanka | 1 |
| Sweden | 6 |
| Switzerland | 1 |
| Turkey | 2 |
| United States of America | 2 |
| Total: | 1244 |
Source: HMRC
The table shows the net number of schemes, accounting for new listings and removals since the publication of the last list.
