The global appetite for switching cash to Qualifying Recognised Overseas Pension Scheme (QROPS) is not abating despite the raft of new pension measures announced by Chancellor George Osborne.
In the past two weeks, 34 more QROPS pensions opened, bringing the worldwide total to 3,540 spread across 42 financial jurisdictions.
This is the highest number of pensions ever recorded on the HM Revenue & Customs (HMRC) QROPS List, which has been regularly published since the scheme came into being on April 6, 2006.
New schemes
The new QROPS opened in seven jurisdictions:
- Australia – 19
- Canada – 4
- Ireland – 4
- France – 3
- Guernsey – 2
- Netherlands and the Isle of Man – 1 each
No QROPS were delisted or suspended since the publication of the last list on September 15, 2014.
Australia is the world’s favourite QROPS destination by number of schemes by a mile – listing 1,508 pensions taking a 42% share of the market. In the past year, providers have opened 264 new QROPS for expats and international workers who have accrued pension rights in the UK.
| QROPS List - October 1, 2014 | ||
|---|---|---|
| Jurisdiction | Count of QROPS pensions | |
| Values | ||
| October 1, 2013 | October 1, 2014 | |
| Australia | 1244 | 1508 |
| Austria | 9 | 11 |
| Barbados | 4 | 2 |
| Belgium | 23 | 23 |
| Bulgaria | 3 | 3 |
| Canada | 98 | 100 |
| Czech Republic | 4 | 3 |
| Denmark | 8 | 9 |
| European Union | 1 | 1 |
| Finland | 4 | 3 |
| France | 40 | 40 |
| Germany | 56 | 55 |
| Gibraltar | 23 | 41 |
| Greece | 1 | 1 |
| Guernsey | 51 | 81 |
| Hong Kong | 2 | 4 |
| Hungary | 1 | 1 |
| Iceland | 3 | 3 |
| India | 27 | 12 |
| Ireland | 733 | 769 |
| Isle of Man | 229 | 224 |
| Italy | 45 | 48 |
| Jamaica | 2 | 2 |
| Jersey | 135 | 137 |
| Latvia | 1 | 3 |
| Liechtenstein | 2 | 3 |
| Luxembourg | 8 | 10 |
| Malta | 16 | 22 |
| Mauritius | 2 | 1 |
| Netherlands | 105 | 115 |
| New Zealand | 48 | 59 |
| Norway | 7 | 8 |
| Portugal | 23 | 23 |
| Russian Federation | 1 | 1 |
| South Africa | 31 | 32 |
| Spain | 16 | 16 |
| Sri Lanka | 2 | 1 |
| Sweden | 8 | 7 |
| Switzerland | 137 | 139 |
| Trinidad | 3 | 2 |
| Turkey | 3 | 3 |
| USA | 15 | 14 |
| Total: | 3174 | 3540 |
