Brexit seems to have had no impact on the market for Qualifying Recognised Overseas Pension Schemes (QROPS).
In the 100 days since the UK referendum vote for Britain to leave the European Union, the number of QROPS worldwide has increased from 1,177 to 1,286.
Australia QROPS providers have added the most pensions for expats – a total of 95 schemes.
The figures are published in the official HMRC QROPS List, published on October 3, 2016.
Besides nine QROPS added in Australia during the past two weeks, Ireland and the Isle of Man have each added one offshore pensions, while one was removed from the list in the USA.
QROPS, Brexit and the great repeal bill
Besides the scope for Budget changes in Chancellor Phillip Hammond’s Autumn Statement 2016 and Spring Budget 2017, the next hurdle for QROPS is the repeal bill that will remove the European Communities Act from the British statute book.
QROPS were introduced to make pensions access easier for EU citizens and any measures included in Brexit negotiations and UK law changes could impact how they work for expats.
The list includes all QROPS that have both self-certified that they meet the offshore pension qualification rules and wish to have their details publicly released.
UK pension firms and QROPS providers can only transfer pension funds to listed schemes.
QROPS List By Financial Jurisdiction
|Financial jurisdiction||Number of QROPS|
|Isle of Man||231|
|United States of America||1|
The table shows the net number of schemes, accounting for new listings and removals since the publication of the last list.