The Qualifying Recognised Overseas Pension Scheme (QROPS) industry has three new rising stars in Gibraltar, India and Malta.
Although each financial jurisdiction has a long way to go to knock the QROPS giants like Australia and Ireland off their perches, they are making inroads into the market, according to HM Revenue & Customs (HMRC) latest QROPS list.
The trio show as the only financial nations outside the market leaders adding the most QROPS schemes in the past year.
- Gibraltar now has 35 QROPS and a 1.03% market share by number of pensions – an increase of 19 QROPS year-on-year.
- India has 27 QROPS with a 0.8% market share – up nine in the year.
- Malta has 19 QROPS and a 0.56% market share – adding six pensions in the past 12 months
Their performance puts them ahead of big-hitters Switzerland, Jersey and Germany.
Gibraltar deserves special mention since the QROPS industry lay dormant for more than two years and only really started trading in earnest in January 2013.
Top 10 QROPS lists
The exclusive tables below look at the Top 10 countries with:
- The most QROPS
- The most QROPS added year-on-year
- QROPS market share by number of QROPS
These top 10 financial centres are responsible for running 90% of the QROPS market.
Australia leads the table with a 41% share, followed by Ireland with 22%, making up two-thirds of the market between them.
| QROPS - Top 10 Financial Centres | ||
|---|---|---|
| Jurisdiction | Count of QROPS pensions | |
| Values | ||
| April 1, 2014 | April 23, 2014 | |
| Australia | 1375 | 1390 |
| Ireland | 746 | 747 |
| Isle of Man | 236 | 236 |
| Switzerland | 136 | 136 |
| Jersey | 135 | 136 |
| Netherlands | 108 | 108 |
| Canada | 99 | 101 |
| Guernsey | 66 | 68 |
| Germany | 56 | 56 |
| New Zealand | 55 | 55 |
| Total: | 3012 | 3033 |
| Source: HMRC | ||
| QROPS - Top 10 Jurisdictions Adding Most QROPS | ||
| Year To | ||
| April 1, 2014 | April 23, 2014 | |
| Australia | 256 | 269 |
| Ireland | 51 | 47 |
| Guernsey | 28 | 28 |
| Isle of Man | 24 | 23 |
| Gibraltar | 18 | 19 |
| New Zealand | 12 | 12 |
| India | 9 | 9 |
| Canada | 5 | 7 |
| Malta | 7 | 6 |
| Netherlands | 6 | 6 |
| Total: | 403 | 414 |
| Source: HMRC | ||
| QROPS - Top 10 Jurisdictions by Market Share | ||
| Year To | ||
| April 1, 2014 | April 23, 2014 | |
| Australia | 40.87% | 41.06% |
| Ireland | 22.18% | 22.07% |
| Isle of Man | 7.02% | 6.97% |
| Switzerland | 4.04% | 4.02% |
| Jersey | 4.01% | 4.02% |
| Netherlands | 3.21% | 3.19% |
| Canada | 2.94% | 2.98% |
| Guernsey | 1.96% | 2.01% |
| Germany | 1.66% | 1.65% |
| New Zealand | 1.63% | 1.62% |
| Total: | 89.52% | 89.59% |
| Source: HMRC | ||
