The international QROPS market was boosted to yet another new peak, according to the latest HM Revenue and Customs list of pensions.
Providers have added 417 QROPS to the list in the past 12 months – taking the total number of QROPS pensions worldwide to a record 3,115 based in 46 different nations.
The financial centres adding the most QROPS in the year are:
- Australia – 254
- Ireland – 67
- Guernsey – 31
- Isle of Man – 25
- New Zealand – 15
- Gibraltar – 10
The financial centres that have closed the most QROPS are:
- Slovakia – the nation lost QROPS status and four pensions were delisted
- Hong Kong – 23 pensions delisted
- Finland – 4 pensions delisted
- Switzerland and USA – Both had one pension delisted
Australia has the most QROPS schemes – 1,212 making up nearly 39% of the market. Ireland (720 pensions/23% market share) and the Isle of Man (224 pensions/7% market share) take second and third places.
The figures come from the latest official QROPS list published by HMRC on August 15, 2013.
The next list is due on September 1, 2013.
The QROPS list is important to retirement savers and UK pension providers, as they may only transfer tax-relieved pension funds from the UK to a QROPS on the list.
However, HMRC points out that scheme on the list are self-certifying QROPS status and are not HMRC compliant or approved.
The full list country-by-country is:
|Aug 17, 2012||Aug 1, 2013||Aug 15, 2013|
|Isle of Man||199||224||224||25||7.19%|
|St Vincent & The Grenadines||1||1||1||0||0.03%|
|Trinidad & Tobago||3||3||3||0||0.10%|
A financial adviser with QROPS experience will determine whether a QROPS is the best choice for your financial goals, then will guide you through the process.
To be put in touch with a qualified financial adviser, please contact us via the contact form here for a referral.