The number of Qualifying Recognised Overseas Pension Schemes (QROPS) has dropped for the first time in eight months.
The latest QROPS List published by HM Revenue & Customs (HMRC) on May 1, 2015 lists 3,723 pensions – a decrease of 31 schemes since the last list was published on April 15, 2015.
The last time the number of QROPS fell into the red was in October 2014.
HMRC gives no reason for a pension’s inclusion or suspension for the QROPS List.
“We do not discuss individual cases, but QROPS can ask to be removed from the list or we can remove them permanently or temporarily for administrative reasons,” said an HMRC spokesman.
Missing schemes
Other reasons for a QROPS leaving the list for single member schemes could include the retirement saver dying, transferring their scheme or going into drawdown.
The financial centre’s that have schemes missing from the last list are:
- Australia (-15)
- Ireland (-4)
- France and South Africa (-3)
- Guernsey (-2)
- Germany, Isle of Man, Malta and The Netherlands (-1)
Australia (1,654 pensions), Ireland (787)and the Isle of Man (235) remain the three leading QROPS centres by number of QROPS.
The number of financial centres offering QROPS remains at 45.
The next QROPS List is due for publication on May 15, 2015.
| QROPS List - May 1, 2015 | |
|---|---|
| Financial centre | No of QROPS |
| Australia | 1654 |
| Austria | 11 |
| Barbados | 2 |
| Belgium | 24 |
| Bulgaria | 3 |
| Canada | 95 |
| Czech Republic | 3 |
| Denmark | 9 |
| European Union | 1 |
| Falkland Islands | 1 |
| Finland | 3 |
| France | 34 |
| Germany | 54 |
| Gibraltar | 46 |
| Greece | 1 |
| Guernsey | 89 |
| Hong Kong | 3 |
| Hungary | 1 |
| Iceland | 3 |
| India | 11 |
| Ireland | 787 |
| Isle of Man | 235 |
| Italy | 50 |
| Jamaica | 2 |
| Jersey | 142 |
| Kenya | 1 |
| Kosovo | 1 |
| Latvia | 3 |
| Liechtenstein | 4 |
| Luxembourg | 10 |
| Malta | 21 |
| Mauritius | 2 |
| Netherlands | 118 |
| New Zealand | 57 |
| Norway | 8 |
| Portugal | 23 |
| Russian Federation | 1 |
| South Africa | 29 |
| Spain | 16 |
| Sri Lanka | 1 |
| Sweden | 7 |
| Switzerland | 139 |
| Trinidad and Tobago | 2 |
| Turkey | 3 |
| United States of America | 13 |
| Total: | 3723 |
| Source: HMRC | |
