Slovakia is still missing off the latest HM Revenue & Customs list of Qualifying Recognised Overseas Pension Schemes (QROPS).
The four Slovakia QROPS vanished from the list two ago without any publicised reason.
HMRC declined to comment on their disappearance, while Slovakia’s Tatra Bank, which runs the schemes, insisted the problem was a ‘communication error’ and that the pensions would return to the list.
The latest list was published on February 15, 2013 on the HMRC web site.
QROPS increases
The list gives details of every QROPS provider who wants to make their retirement savings plans public.
The new list has seen a net gain of 11 QROPS – Australia has added 11 QROPS, while The
Netherlands and Spain have included two more each, and Guernsey and Switzerland one each. Canada has lost four QROPS, while France and the Isle of Man have shed one each.
The list has 2905 QROPS from 46 countries – the newest is Latvia that returned to the QROPS list a few weeks ago after removal in August 2012.
Last month, the total was 2895 QROPS from 46 countries.
The number of QROPS schemes has steadily increased for 14 months in a row – since HMRC culled almost 350 schemes with a change of pension rules in April 2012.
What is a QROPS?
QROPS are offshore pension schemes for British expats permanently living overseas and international workers who have UK pension rights. They are tax effective wrappers for flexible investments.
Not all QROPS schemes appear on the list – some providers ask for anonymity and information about their pensions is only available if they agree in writing to pass on the information via HMRC.
Expats transferring pensions offshore should not switch their money in to any QROPS that is not on the list or confirmed as a bona fide scheme by HMRC.
Pie chart showing amount of schemes per country:
[gchart id=”1″]
The full list country-by-country is:
| Country | Scheme Count |
|---|---|
| Australia | 1083 |
| Austria | 9 |
| Bangladesh | 1 |
| Barbados | 4 |
| Belgium | 22 |
| Bulgaria | 3 |
| Canada | 94 |
| Czech Republic | 4 |
| Denmark | 8 |
| European Union | 1 |
| Finland | 4 |
| France | 38 |
| Germany | 53 |
| Gibraltar | 14 |
| Greece | 1 |
| Guernsey | 38 |
| Hong Kong | 25 |
| Hungary | 1 |
| Iceland | 3 |
| India | 18 |
| Ireland | 686 |
| Isle of Man | 211 |
| Italy | 42 |
| Jamaica | 2 |
| Jersey | 132 |
| Latvia | 1 |
| Liechtenstein | 2 |
| Luxembourg | 8 |
| Malaysia | 1 |
| Malta | 11 |
| Mauritius | 2 |
| The Netherlands | 101 |
| New Zealand | 40 |
| Norway | 5 |
| Portugal | 23 |
| Russian Federation | 1 |
| South Africa | 31 |
| Spain | 16 |
| Sri Lanka | 1 |
| St Lucia | 3 |
| St Vincent & The Grenadines | 1 |
| Sweden | 7 |
| Switzerland | 134 |
| Trinidad & Tobago | 3 |
| Turkey | 3 |
| USA | 14 |
Source: HMRC February 15, 2013
