Record High For Global Number Of QROPS Schemes

HM Revenue & Customs has published an unexpected list of Qualifying Recognised Overseas Pension Schemes (QROPS).

The lists are generally published on the HMRC web site fortnightly – with the next scheduled for December 1, 2013.

However, an intermediate list was published on November 22, 2013, just a week after the previous list.

The total number of QROPS reached a new record high of 3,230 – and net increase of 13 from the list published on November 15, 2013 and a net increase of 448 QROPS since November 1, 2012.

The list shows no major changes – 16 new schemes joined the list while three were suspended.

No financial jurisdictions were added or removed.

New QROPS

The new schemes were in –

  • Australia – 10
  • Belgium, Canada, France, Germany, the Isle of Man and Gibraltar – 1 each

The suspensions were:

  • Ireland  – 2
  • New Zealand – 1

HMRC refuses to comment about suspensions – but QROPS leave the list periodically for a number of reasons. They include single member schemes closing, administration issues with HMRC and the QROPS deciding to close to new business

QROPS LIST – November 22, 2013

QROPS Jurisdictions

Number of QROPS pensions

Change since Nov 1, 2013

Year-on Year change

Market share by no of QROPS

Values
  Nov 1, 2012 Nov 15, 2013 Nov 22, 2013
Australia

1026

1278

1288

10

262

39.88%

Austria

9

10

10

0

1

0.31%

Barbados

4

2

2

0

-2

0.06%

Belgium

22

23

24

1

2

0.74%

Bulgaria

3

3

3

0

0

0.09%

Canada

90

94

95

1

5

2.94%

Czech Republic

4

4

4

0

0

0.12%

Denmark

8

8

8

0

0

0.25%

European Union

1

1

1

0

0

0.03%

Finland

8

4

4

0

-4

0.12%

France

36

40

41

1

5

1.27%

Germany

53

56

56

0

3

1.73%

Gibraltar

10

24

25

1

15

0.77%

Greece

1

1

1

0

0

0.03%

Guernsey

23

56

56

0

33

1.73%

Hong Kong

25

2

2

0

-23

0.06%

Hungary

1

1

1

0

0

0.03%

Iceland

3

3

3

0

0

0.09%

India

18

21

21

0

3

0.65%

Ireland

668

740

738

-2

70

22.85%

Isle of Man

203

230

231

1

28

7.15%

Italy

41

46

46

0

5

1.42%

Jamaica

2

2

2

0

0

0.06%

Jersey

132

136

136

0

4

4.21%

Latvia

1

1

0

1

0.03%

Liechtenstein

2

2

2

0

0

0.06%

Luxembourg

8

8

8

0

0

0.25%

Malta

8

16

17

1

9

0.53%

Mauritius

2

2

2

0

0

0.06%

New Zealand

37

55

54

-1

17

1.67%

Norway

5

7

7

0

2

0.22%

Portugal

23

23

23

0

0

0.71%

Russian Federation

1

1

1

0

0

0.03%

South Africa

30

31

31

0

1

0.96%

Spain

14

16

16

0

2

0.50%

Sri Lanka

1

1

1

0

0

0.03%

Sweden

7

8

8

0

1

0.25%

Switzerland

133

134

134

0

1

4.15%

The Netherlands

99

107

107

0

8

3.31%

Trinidad & Tobago

3

2

2

0

-1

0.06%

Turkey

3

3

3

0

0

0.09%

USA

15

15

15

0

0

0.46%

Grand Total

2782

3217

3230

13

448

Source: HMRC

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