QROPS Tracker – October 15, 2014

500

The problem with choosing a Qualifying Recognised Overseas Pension Scheme (QROPS) is anyone can see how many pensions are available offshore, but no one really knows where the money goes.

Although HM Revenue & Customs (HMRC) publishes a QROPS List on the first and 15th of each month, the document only shows how many pensions are open for transfers from UK onshore pensions.

This makes the list a good comparison for each financial jurisdiction’s market share by number of QROPS.

However, a single QROPS in a jurisdiction with a low market share could have more money invested than several hundred pensions in another.

HMRC and many providers are cautious about publishing ‘commercially sensitive’ information, but that really does not help someone seeking to transfer their UK pension into a QROPS.

Booking.com

Following the money

The tables below offer an analysis of the QROPS market in three ways:

  • By number of QROPS
  • By market share
  • By the number of QROPS added in the past year

The tables clearly show Australia leads the way in the global market in each table – but most Australian QROPS are custom plans for individuals, while those offered by providers on the Isle of Man and Gibraltar are generally schemes with more members.

Clarifying not only which are the most popular jurisdictions by number of QROPS, but also by the amount of money invested would make the HMRC list more useful for advisers and investors.

That does not mean advocating following the money, but simply giving consumers more options when choosing which pension is right for them.

Top 10 QROPS Tables - October 15, 2014
Count of QROPS pensions
Values
JurisdictionOctober 15, 2013October 15, 2014
Australia12541515
Ireland736770
Isle of Man229224
Switzerland137139
Jersey135137
Netherlands105114
Canada98101
Guernsey5282
New Zealand4859
Germany5655
Total:28503196
Source: HMRC
Market share by number of QROPS
JurisdictionOctober 15, 2013October 15, 2014
Australia39.40%42.71%
Ireland23.12%21.71%
Isle of Man7.19%6.32%
Switzerland4.30%3.92%
Jersey4.24%3.86%
Netherlands3.30%3.21%
Canada3.08%2.85%
Guernsey1.63%2.31%
New Zealand1.51%1.66%
Germany1.76%1.55%
Total:89.54%90.10%
Source: HMRC
Most QROPS added in past year
JurisdictionNo of QROPS
Australia261
Ireland34
Guernsey30
Gibraltar18
New Zealand11
Netherlands9
Malta6
Canada3
Austria2
Jersey2
Switzerland2
Latvia2
Hong Kong2
Italy2
Total:384
Source: HMRC

Download the Free Pension Transfer Guide

Expat Pension Transfers Guide

iExpats.com expert writers have created a simple guide to Expat Pension Transfers just for you.

Find out how you could save tax, increase growth and investment opportunities with this simple, no-nonsense guide that will introduce QROPS, SIPPs and QNUPS options and talk through the pros and cons. Download the free guide by following the link below

Leave a Reply