The number of Qualifying Recognised Overseas Pension Schemes (QROPS) has reached a new record – pipped the previous peak in March 2012 by just one fund to hit the 3,002 mark for the first time.
But the spread of QROPS schemes around the 46 financial jurisdictions offering the pensions shows 97% of all funds are provided in just 21 countries – and almost 38% of all QROPS are based in Australia.
In fact, the top six financial centres account for more than 75% of the QROPS market worldwide
According to the latest HM Revenue and Customs (HMRC) QROPS List, the number of self-certified pensions funds meeting QROPS rules increased by 27 between April 15, 2013 and May 1, 2013.
Australia accounted for 18 of the new schemes, while two closed – one in France and one in the USA.
No finance centre outside the top 21 listed below reported any changes and no centres left or joined the list.
The HMRC QROPS List is not details of ‘approved’ schemes, but merely those that have submitted a form to the British tax man confirming their pension fund meets QROPS rules. Pension schemes in the UK cannot transfer funds to schemes that are not listed.
HMRC issues a new list every two weeks – the next is due on May 15, 2013.
QROPS Pensions – Top 21 financial centres and market share
| Country | No of schemes | % of QROPS | Change since April 15, 2013 | |
|---|---|---|---|---|
| Market | ||||
| 1 | Australia | 1139 | 37.94% | 18 |
| 2 | Ireland | 703 | 23.42% | 3 |
| 3 | Isle of Man | 214 | 7.13% | 1 |
| 4 | Switzerland | 137 | 4.56% | 4 |
| 5 | Jersey | 132 | 4.40% | - |
| 6 | The Netherlands | 102 | 3.40% | - |
| 7 | Canada | 94 | 3.13% | - |
| 8 | Germany | 53 | 1.77% | - |
| 9 | Italy | 45 | 1.50% | - |
| 10 | New Zealand | 44 | 1.47% | 1 |
| 11 | Guernsey | 42 | 1.40% | 2 |
| 12 | France | 38 | 1.27% | -1 |
| 13 | South Africa | 31 | 1.03% | - |
| 14 | Hong Kong | 25 | 0.83% | - |
| 15 | Portugal | 23 | 0.77% | - |
| 16 | Belgium | 22 | 0.73% | - |
| 17 | India | 18 | 0.60% | - |
| 18 | Gibraltar | 16 | 0.53% | - |
| 19 | Spain | 16 | 0.53% | - |
| 20 | USA | 14 | 0.47% | -1 |
| 21 | Malta | 13 | 0.43% | - |
| Totals: | 2921 | 97.30% | 27 |
The full list country-by-country is:
| Country | Scheme Count |
|---|---|
| Australia | 1139 |
| 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 | 16 |
| Greece | 1 |
| Guernsey | 42 |
| Hong Kong | 25 |
| Hungary | 1 |
| Iceland | 3 |
| India | 18 |
| Ireland | 703 |
| Isle of Man | 214 |
| Italy | 45 |
| Jamaica | 2 |
| Jersey | 132 |
| Latvia | 1 |
| Liechtenstein | 2 |
| Luxembourg | 8 |
| Malaysia | 1 |
| Malta | 13 |
| Mauritius | 2 |
| New Zealand | 44 |
| Norway | 7 |
| Portugal | 23 |
| Russian Federation | 1 |
| South Africa | 31 |
| Spain | 16 |
| Sri Lanka | 1 |
| St Lucia | 3 |
| St Vincent & The Grenadines | 1 |
| Sweden | 7 |
| Switzerland | 137 |
| The Netherlands | 102 |
| Trinidad & Tobago | 3 |
| Turkey | 3 |
| USA | 14 |
| Total: | 3002 |
Source: HMRC May 1, 2013
OK so 14 schemes in USA can you tell me which ones with contact info please