The number of Qualifying Recognised Overseas Pensions Schemes (QROPS) is surging on without respite.
In a year, 446 new QROPS have opened – with 40 inviting new business in the past two weeks.
And that’s an aggregate total that does not take into account extra schemes opening to replace those that have closed.
As usual, the QROPS big hitters are Australia, Ireland, the Isle of Man and Guernsey. Between them, they have added 391 pensions in a year – with Australia accounting for 265.
The losers over the past 12 months are Hong Kong, where 23 QROPS have been delisted leaving just two open, and Finland, where four out of eight have been delisted.
QROPS hit another record high
The main points from the latest QROPS list are:
- The total number of QROPS numbers 3,180 across 46 financial centres
- Australia has 16 new QROPS, taking the national total to 1244 and 39% of the global market by number of schemes
- The two financial centres outside the top 10 making most progress are Gibraltar schemes, where 13 QROPS have opened in the past year, taking the total to 23 but just 0.7% market share, and Italy, where six QROPS have started up, taking the total 45 and market share to 1.4%
HMRC publishes the QROPS list every two weeks. The next list is due on October 15, 2013.
QROPS List: October 1, 2013
| Country | Scheme Count | Market Share |
|---|---|---|
| Australia | 1244 | 39.12% |
| Austria | 9 | 0.28% |
| Bangladesh | 1 | 0.03% |
| Barbados | 4 | 0.13% |
| Belgium | 23 | 0.72% |
| Bulgaria | 3 | 0.09% |
| Canada | 98 | 3.08% |
| Czech Republic | 4 | 0.13% |
| Denmark | 8 | 0.25% |
| European Union | 1 | 0.03% |
| Finland | 4 | 0.13% |
| France | 40 | 1.26% |
| Germany | 56 | 1.76% |
| Gibraltar | 23 | 0.72% |
| Greece | 1 | 0.03% |
| Guernsey | 51 | 1.60% |
| Hong Kong | 2 | 0.06% |
| Hungary | 1 | 0.03% |
| Iceland | 3 | 0.09% |
| India | 27 | 0.85% |
| Ireland | 733 | 23.05% |
| Isle of Man | 229 | 7.20% |
| Italy | 45 | 1.42% |
| Jamaica | 2 | 0.06% |
| Jersey | 135 | 4.25% |
| Latvia | 1 | 0.03% |
| Liechtenstein | 2 | 0.06% |
| Luxembourg | 8 | 0.25% |
| Malaysia | 1 | 0.03% |
| Malta | 16 | 0.50% |
| Mauritius | 2 | 0.06% |
| New Zealand | 48 | 1.51% |
| Norway | 7 | 0.22% |
| Portugal | 23 | 0.72% |
| Russian Federation | 1 | 0.03% |
| South Africa | 31 | 0.97% |
| Spain | 16 | 0.50% |
| Sri Lanka | 2 | 0.06% |
| St Lucia | 3 | 0.09% |
| St Vincent & The Grenadines | 1 | 0.03% |
| Sweden | 8 | 0.25% |
| Switzerland | 137 | 4.31% |
| The Netherlands | 105 | 3.30% |
| Trinidad & Tobago | 3 | 0.09% |
| Turkey | 3 | 0.09% |
| USA | 15 | 0.47% |
| Grand Total | 3180 | 100.00% |
Source: HMRC
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I do like these articles, but what the reader needs to bear in mind (and what isn’t made clear re these stats) is that the vast majority (90%+) of qrops are not the qrops so written about in the press, but are in fact occupational (company) schemes, public sector schemes or 1-man schemes. The actual number of open Qrops master-trust schemes (the Qrops we read about) is 40 new schemes inviting business in last 2 weeks, this really is not true. Most of the 40 will be occupational schemes or 1-member schemes (eg offshore SIPPS)