The world of Qualifying Recognised Overseas Pension Scheme (QROPS) may be small, but in some of the 45 financial jurisdictions offering 3,688 pensions there’s a lot going on.
Looking at how many QROPS have stopped and started over the past 12 months shows shome interesting statistics.
The top 10 financial centres which host the most QROPS have accounted for 357 of the 397 new schemes that opened over the past 12 months.
That is a net number, because in many centres, several QROPS have opened and closed for various reasons.
And those top 10 centres account for 3,328, or 90%, of the market place.
India QROPS
Meanwhile, just eight centres have posted a net loss in the number of QROPS during the same period.
Many of those losses are the result of members passing away, transferring to another scheme or drawing down the final amount of their pensions. Some would be due to tax or administrative problems highlighted by HM Revenue & Customs (HMRC).
As HMRC never comments on individual schemes, it’s unlikely the true answer will ever be known.
India has seen 15 QROPS close due to irregularities, and heads the chart as the biggest loser for the year.
The next HMRC QROPS List is published on March 15, 2015.
| Top 10 QROPS Tables - March 1, 2015 | ||
|---|---|---|
| Count of QROPS pensions | ||
| Values | ||
| Jurisdiction | March 3, 2014 | March 1, 2015 |
| Australia | 1343 | 1619 |
| Ireland | 742 | 782 |
| Isle of Man | 236 | 233 |
| Jersey | 135 | 140 |
| Switzerland | 136 | 139 |
| Netherlands | 107 | 119 |
| Canada | 99 | 94 |
| Guernsey | 62 | 90 |
| New Zealand | 55 | 57 |
| Germany | 56 | 55 |
| Total: | 2971 | 3328 |
| Market share by number of QROPS | ||
| Jurisdiction | March 3, 2014 | March1, 2015 |
| Australia | 40.42% | 43.90% |
| Ireland | 22.33% | 21.20% |
| Isle of Man | 7.10% | 6.32% |
| Jersey | 4.06% | 3.80% |
| Switzerland | 4.09% | 3.77% |
| Netherlands | 3.22% | 3.23% |
| Canada | 2.98% | 2.55% |
| Guernsey | 1.87% | 2.44% |
| New Zealand | 1.66% | 1.55% |
| Germany | 1.69% | 1.49% |
| Total: | 89.41% | 90.24% |
| QROPS additions | ||
| Jurisdiction | Change since March 1, 2014 | |
| Australia | 276 | |
| Ireland | 40 | |
| Guernsey | 28 | |
| Gibraltar | 13 | |
| Netherlands | 12 | |
| Jersey | 5 | |
| Malta | 3 | |
| Switzerland | 3 | |
| Italy | 2 | |
| Latvia | 2 | |
| New Zealand | 2 | |
| Belgium | 2 | |
| Luxembourg | 2 | |
| Liechtenstein | 1 | |
| South Africa | 1 | |
| Norway | 1 | |
| Denmark | 1 | |
| Falkland Islands | 1 | |
| Kosovo | 1 | |
| Kenya | 1 | |
| Total: | 397 | |
| Delisted QROPS | ||
| Jurisdiction | Change since March 1, 2014 | |
| India | -15 | |
| Canada | -5 | |
| France | -4 | |
| Isle of Man | -3 | |
| USA | -2 | |
| Hong Kong | -1 | |
| Sweden | -1 | |
| Germany | -1 | |
| Total: | -32 | |
