The number of Qualifying Recognised Overseas Pension Schemes (QROPS) has recovered as 48 new schemes join the list, according to the latest data from HM Revenue & Customs (HMRC).
Since the introduction of the pension age test on April 6, more than 3,000 of the offshore schemes have stopped receiving transfers from British expats and overseas workers who have accrued pension rights in the UK.
The pension age test bans anyone under 55 years old from drawing QROPS benefits unless they are suffering from serious ill-health. QROPS that have provisions to allow payments to younger retirement savers cannot accept transfers from an onshore pension.
The latest list published by HMRC discloses 48 new schemes are now available – taking the number up from 665 two weeks ago to 713 on July 15.
The number of financial centres offering the pensions remains at 37.
Most of the new QROPS were listed in The Netherlands (15) and Guernsey (10). Other newly listed pensions were in the Isle of Man (7), Italy (5), South Africa (4), Canada (3) and one each in Germany, Hong Kong, Jersey and New Zealand.
No pensions were delisted.
The next list from HMRC is due on August 1, 2015.
|QROPS List - July 15, 2015|
|Financial jurisdiction||No of QROPS|
|Isle of Man||191|
|Number of QROPS:||713|