Retirement savers investing in Australia Qualifying Recognised Overseas Pension Scheme (QROPS) gained a little respite with the publication of the latest HM Revenue & Customs (HMRC) QROPS List.
After 1,650 were wiped off for breaking UK pension rules in June, in the past two weeks, three more QROPS passed the stringent HMRC tests to qualify as offshore pensions.
In all, 13 new schemes were added to the list, says HMRC.
They were in:
- Australia (3)
- Isle of Man (2)
- Jersey (2)
Canada, the Czech Republic, France, Ireland, Liechtenstein, and The Netherlands (1 each)
Now, 855 QROPS are listed in 40 financial jurisdictions worldwide.
At the peak of the market on April 15, 2015, more than 3,700 QROPS were listed by HMRC. Australia QROPS had a market share of 44% by number of QROPS.
Now, the largest financial centre providing the pensions is the Isle of Man with 196 QROPS – almost 25% of the market by number of QROPS.
The next QROPS List is due on October 1, 2015
View the latest itemised list of schemes here
QROPS List
| Financial jurisdiction | No of QROPS |
|---|---|
| Australia | 5 |
| Austria | 6 |
| Belgium | 14 |
| Bulgaria | 2 |
| Canada | 71 |
| Czech Republic | 2 |
| Denmark | 4 |
| European Union | 1 |
| France | 8 |
| Germany | 29 |
| Gibraltar | 43 |
| Greece | 1 |
| Guernsey | 129 |
| Hong Kong | 4 |
| Hungary | 1 |
| Iceland | 1 |
| India | 8 |
| Ireland | 77 |
| Isle of Man | 196 |
| Italy | 18 |
| Jamaica | 1 |
| Jersey | 78 |
| Kenya | 1 |
| Kosovo | 1 |
| Latvia | 3 |
| Liechtenstein | 3 |
| Luxembourg | 4 |
| Malta | 23 |
| Mauritius | 1 |
| Netherlands | 56 |
| New Zealand | 30 |
| Norway | 5 |
| Portugal | 4 |
| South Africa | 11 |
| Spain | 3 |
| Sri Lanka | 1 |
| Sweden | 6 |
| Switzerland | 1 |
| Turkey | 1 |
| United States of America | 2 |
| Total | 855 |
Source: HMRC
