Two more Qualifying Recognised Overseas Pension Scheme (QROPS) financial jurisdictions are missing from the latest official list.
Bangladesh and Malaysia are suspended by HM Revenue and Customs, but neither the financial authorities in either nation nor HMRC will give an explanation why.
Overall, November is the first month since April 2012 to see a fall in the number of available QROPS listed worldwide.
The latest HMRC QROPS list carries the details of 3,180 QROPS – five less than the last list published on October 15, 2013.
That list saw four QROPS in St Lucia and St Vincent and The Grenadines suspended.
The latest list shows one pension each suspended in Bangladesh and Malaysia.
HMRC has repeatedly refused to give reasons why QROPS are removed from the official list.
What QROPS suspension means
In practise, suspension means no funds can be transferred in to a scheme, but existing QROPS investors suffer no tax or financial penalties from HMRC.
QROPS can be suspended for several reasons –
- HMRC and the provider are discussing a review of the QROPS set-up
- The QROPS has ceased to be a QROPS
- The QROPS has been found not to be acting in accordance with pension rules
Some QROPS are quickly reinstated, but generally, over the past 12 months or so, any jurisdiction suspended has failed to return to the list.
Since November 2012, besides Bangladesh, Malaysia, St Lucia and St Vincent & The Grenadines, other suspended jurisdictions were Slovakia and Latvia.
Latvia is the only one to return to the list after suspension, leaving 42 active financial jurisdictions compared with 46 a year ago.
HMRC publishes a QROPS list every two weeks. The next is due on November 15, 2013.
QROPS List: November 1, 2013
| Country | Scheme Count | Market Share |
|---|---|---|
| Australia | 1259 | 39.59% |
| Austria | 9 | 0.28% |
| Bangladesh | 0.00% | |
| Barbados | 2 | 0.06% |
| Belgium | 22 | 0.69% |
| Bulgaria | 3 | 0.09% |
| Canada | 96 | 3.02% |
| Czech Republic | 4 | 0.13% |
| Denmark | 8 | 0.25% |
| European Union | 1 | 0.03% |
| Finland | 4 | 0.13% |
| France | 40 | 1.26% |
| Germany | 56 | 1.76% |
| Gibraltar | 22 | 0.69% |
| Greece | 1 | 0.03% |
| Guernsey | 54 | 1.70% |
| Hong Kong | 2 | 0.06% |
| Hungary | 1 | 0.03% |
| Iceland | 3 | 0.09% |
| India | 21 | 0.66% |
| Ireland | 733 | 23.05% |
| Isle of Man | 230 | 7.23% |
| Italy | 46 | 1.45% |
| Jamaica | 2 | 0.06% |
| Jersey | 135 | 4.25% |
| Latvia | 1 | 0.03% |
| Liechtenstein | 2 | 0.06% |
| Luxembourg | 8 | 0.25% |
| Malaysia | 0.00% | |
| Malta | 16 | 0.50% |
| Mauritius | 2 | 0.06% |
| New Zealand | 48 | 1.51% |
| Norway | 7 | 0.22% |
| Portugal | 23 | 0.72% |
| Russian Federation | 1 | 0.03% |
| South Africa | 31 | 0.97% |
| Spain | 16 | 0.50% |
| Sri Lanka | 1 | 0.03% |
| St Lucia | 0.00% | |
| St Vincent & The Grenadines | 0.00% | |
| Sweden | 8 | 0.25% |
| Switzerland | 135 | 4.25% |
| The Netherlands | 107 | 3.36% |
| Trinidad & Tobago | 2 | 0.06% |
| Turkey | 3 | 0.09% |
| USA | 15 | 0.47% |
| Grand Total | 3180 |
Source: HMRC
India’s biggest Life Insurance company, LIFE INSURANCE CORPORATION OF INDIA (LIC) name is missing from QROPS list. I hope LIC is working out for a new plan according to the guidelines of HMRC. Very soon LIC would have a new plan for the transfer of NHS Pension funds to India. For Pension transfers to india call at 00919972660645.