Five India Qualifying Recognised Overseas Pension Scheme (QROPS) have been relisted by HM Revenue & Customs (HMRC) after fears that the financial jurisdiction would lose QROPS status.
Provider HDFC had five QROPS suspended in a surprise move by the tax man in October.
All the schemes have now been reinstated, leaving India QROPS with 12 offshore pensions.
Neither HDFC nor HMRC has made any comment about the delisting and no information about the move is mentioned on the HDFC web site.
“Our policy is to make no comment about individual schemes or financial jurisdictions,” said an HMRC spokesman.
Yet another QROPS record
The latest QROPS list shows 3,557 pensions are available in 42 financial centres worldwide.
Compared with November 1, 2013, the number of QROPS has increased by a net 374 – the net figure is the number of schemes open for transfers from UK pension schemes each month after accounting for delisted and new pensions.
Since publication of the last list on October 20, 2014, the number of QROPS has increased by 16.
Centres with a net increase in QROPS are:
- Australia (7)
- India (5)
- Ireland (2)
- Malta (2)
- Guernsey (1)
- Isle of Man (1)
Canada saw two schemes delisted.
The figures come from the HMRC QROPS List, which is generally published twice a month.
The next list is expected on December 1, 2014.
| QROPS List - November 1, 2014 | ||
|---|---|---|
| Financial jurisdiction | October 27, 2014 | November 1, 2014 |
| Australia | 1520 | 1527 |
| Austria | 11 | 11 |
| Barbados | 2 | 2 |
| Belgium | 23 | 23 |
| Bulgaria | 3 | 3 |
| Canada | 97 | 95 |
| Czech Republic | 3 | 3 |
| Denmark | 9 | 9 |
| European Union | 1 | 1 |
| Finland | 3 | 3 |
| France | 39 | 39 |
| Germany | 55 | 55 |
| Gibraltar | 41 | 41 |
| Greece | 1 | 1 |
| Guernsey | 82 | 83 |
| Hong Kong | 4 | 4 |
| Hungary | 1 | 1 |
| Iceland | 3 | 3 |
| India | 7 | 12 |
| Ireland | 770 | 772 |
| Isle of Man | 224 | 225 |
| Italy | 48 | 48 |
| Jamaica | 2 | 2 |
| Jersey | 137 | 137 |
| Latvia | 3 | 3 |
| Liechtenstein | 3 | 3 |
| Luxembourg | 8 | 8 |
| Malta | 20 | 22 |
| Mauritius | 2 | 2 |
| Netherlands | 114 | 114 |
| New Zealand | 59 | 59 |
| Norway | 8 | 8 |
| Portugal | 23 | 23 |
| Russian Federation | 1 | 1 |
| South Africa | 32 | 32 |
| Spain | 16 | 16 |
| Sri Lanka | 1 | 1 |
| Sweden | 7 | 7 |
| Switzerland | 139 | 139 |
| Trinidad | 2 | 2 |
| Turkey | 3 | 3 |
| USA | 14 | 14 |
| Grand Total | 3541 | 3557 |
| Source: HMRC | ||
