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
