QROPS List – May 17, 2016

Australia is on top of the world despite being down under, according to new QROPS offshore pension data.

In July 2015, Australia was home to 1,653 QROPS, but a new pensions age test introduced in April 2015 changed the rules.

All but one of the country’s QROPS were delisted by HM Revenue and Customs (HMRC) because they failed the test.

The reason was Australian QROPS paid benefits from pension funds to savers under 55 years old who were suffering financial hardship.

This is disallowed under British pension rules.

Australia was not the only QROPS jurisdiction to suffer with the advent of the pensions age test.

Australia now has 226 QROPS – 20 up on two weeks ago and 16 more than the Isle of Man in second place.

Australia QROPS boomerang

Other popular markets with expats were also hit, including Ireland, Germany, the Isle of Man and Guernsey.

The May 17 list shows 27 QROPS have opened since the last list was published by HMRC on May 3, 2016.

Four have been removed.

The worldwide number of QROPS now stands at 1,157 across 42 financial jurisdictions – a net gain of 23 schemes since the May 17 list.

The data shows the QROPS in each country. Figures are not available for membership levels or the amount invested in each scheme.

HMRC plans to publish the next QROPS List on June 1, 2016.

For more information about QROPS and the benefits it provides, download the iExpats QROPS Guide or complete the Get Advice form.

Source: HMRC