Time’s standing still for the Qualifying Recognised Overseas Pension Scheme (QROPS) market as the number of expat pensions on the latest official list published by HM Revenue & Customs (HMRC) remains the same.
The list, published on June 1, details 3,702 QROPS pensions – the same number as the last list released a fortnight ago. The list has not remained unchanged for two releases running since May 2014.
Some underlying schemes have changed:
- GAINS: Austria and the Isle of Man have each added three pensions and Malta has listed one extra.
- LOSSES: Switzerland has lost two QROPS and Australia, Finland, Gibraltar, the Netherlands and Norway each closed one pension
With seven gains and an equal number of losses, the new list balanced out with zero net gains.
Many pension pundits are predicting pensions in Australia, New Zealand and Australia will drop off the list as local regulations allow members to take cash out of the scheme before they are 55 years old, which breaches UK pension rules.
Talks are believed to be under way between HMRC, providers and offshore regulators, but no comment has been released at this stage.
The next QROPS list is expected from HMRC on June 15, 2015.
| QROPS LIST - June 1, 2015 | |
|---|---|
| Country | Count - Scheme Name |
| Australia | 1653 |
| Austria | 14 |
| Barbados | 2 |
| Belgium | 24 |
| Bulgaria | 3 |
| Canada | 95 |
| Czech Republic | 3 |
| Denmark | 9 |
| European Union | 1 |
| Falkland Islands | 1 |
| Finland | 2 |
| France | 34 |
| Germany | 54 |
| Gibraltar | 45 |
| Greece | 1 |
| Guernsey | 91 |
| Hong Kong | 4 |
| Hungary | 1 |
| Iceland | 3 |
| India | 11 |
| Ireland | 787 |
| Isle of Man | 240 |
| Italy | 50 |
| Jamaica | 2 |
| Jersey | 140 |
| Kenya | 1 |
| Kosovo | 1 |
| Latvia | 3 |
| Liechtenstein | 4 |
| Luxembourg | 10 |
| Malta | 23 |
| Mauritius | 2 |
| Netherlands | 116 |
| New Zealand | 34 |
| Norway | 7 |
| Portugal | 23 |
| Russian Federation | 1 |
| South Africa | 29 |
| Spain | 16 |
| Sri Lanka | 1 |
| Sweden | 7 |
| Switzerland | 137 |
| Trinidad and Tobago | 2 |
| Turkey | 3 |
| United States of America | 12 |
| Total Result | 3702 |
| Source: HMRC | |
