Number Of QROPS Pensions Hits New Peak

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Written By Mahmoud Sarvari

Number-Of-QROPS-Pensions-Hits-New-Peak-copyThe number of Qualifying Recognised Overseas Pension Schemes (QROPS) worldwide has shattered all records again this month by soaring through the 3,400 barrier for the first time.

The new HM Revenue & Customs (HMRC) QROPS list for June 1, 2014 shows a high of 3,405 QROPS pensions.

The number is 11 more than the May 15, 2014 total of 3,394.

New schemes opened in:

  • Australia (4)
  • Guernsey, Ireland and Switzerland (2 each)
  • Gibraltar (1)

Market share

No QROPS were delisted and the number of financial centres providing QROPS remained at 42.

Australia and the republic of Ireland continue to dominate the market by number of QROPS.

Australia has the highest market share at 40.97%, while Ireland takes 22.14% – giving both countries just over a two-thirds share of the global market by number of QROPS.

HMRC does not publish figures on how much cash is transferred into the offshore pension schemes.

The next QROPS list is due to be published on June 15, 2014.