Qualifying Recognised Overseas Pension Scheme (QROPS) providers are still opening new schemes at a rapid pace.
The QROPS offshore pensions open at a rate of at least one a day – with 19 new pension plans opening for business since August 15.
This takes the total number of scheme to a new record of 3,133 QROPS in 46 different financial centres.
However, drilling down into the figures shows the market is split – with 10 jurisdictions accounting for almost 90% of all QROPS and the other 36 making up the rest.
Top 10 QROPS jurisdictions
| QROPS jurisdiction | No of QROPS | QROPS opened in past year | Market share |
1 | Australia | 1224 | 260 | 39.07% |
2 | Ireland | 720 | 63 | 22.98% |
3 | Isle of Man | 227 | 28 | 7.25% |
4 | Switzerland | 138 | – | 4.40% |
5 | Jersey | 135 | 3 | 4.31% |
6 | Netherlands | 104 | 5 | 3.32% |
7 | Canada | 98 | 8 | 3.13% |
8 | Germany | 56 | 3 | 1.79% |
9 | Guernsey | 50 | 32 | 1.60% |
10 | New Zealand | 48 | 15 | 1.53% |
Sub-total | 2800 | 417 | 89.38% | |
The rest | 333 | 11 | 10.62% | |
Total | 3133 | 428 | 100% | |
Source: HMRC |
The other QROPS centre opening more than 10 schemes in the past year is QROPS in Gibraltar, with 12 new schemes, taking the total there to 22.
HMRC publishes a QROPS list every two weeks – the next is due on September 15, 2013.
QROPS List: September 1, 2013
QROPS Jurisdictions | Number of QROPS pensions | ||
August 23, 2012 | August 15, 2013 | September 1, 2013 | |
Australia | 964 | 1212 | 1224 |
Austria | 9 | 9 | 9 |
Bangladesh | 1 | 1 | 1 |
Barbados | 4 | 4 | 4 |
Belgium | 22 | 22 | 22 |
Bulgaria | 3 | 3 | 3 |
Canada | 90 | 98 | 98 |
Czech Republic | 4 | 4 | 4 |
Denmark | 8 | 8 | 8 |
European Union | 1 | 1 | 1 |
Finland | 8 | 4 | 4 |
France | 36 | 39 | 40 |
Germany | 53 | 56 | 56 |
Gibraltar | 10 | 20 | 22 |
Greece | 1 | 1 | 1 |
Guernsey | 18 | 49 | 50 |
Hong Kong | 25 | 2 | 2 |
Hungary | 1 | 1 | 1 |
Iceland | 3 | 3 | 3 |
India | 18 | 19 | 19 |
Ireland | 657 | 720 | 720 |
Isle of Man | 199 | 224 | 227 |
Italy | 38 | 45 | 45 |
Jamaica | 2 | 2 | 2 |
Jersey | 132 | 135 | 135 |
Latvia | 0 | 1 | 1 |
Liechtenstein | 2 | 2 | 2 |
Luxembourg | 8 | 8 | 8 |
Malaysia | 1 | 1 | 1 |
Malta | 8 | 16 | 16 |
Mauritius | 2 | 2 | 2 |
New Zealand | 33 | 48 | 48 |
Norway | 5 | 7 | 7 |
Portugal | 23 | 23 | 23 |
Russian Federation | 1 | 1 | 1 |
South Africa | 30 | 31 | 31 |
Spain | 14 | 16 | 16 |
Sri Lanka | 1 | 1 | 1 |
St Lucia | 3 | 3 | 3 |
St Vincent & The Grenadines | 1 | 1 | 1 |
Sweden | 7 | 8 | 8 |
Switzerland | 138 | 138 | 138 |
The Netherlands | 99 | 104 | 104 |
Trinidad & Tobago | 3 | 3 | 3 |
Turkey | 3 | 3 | 3 |
USA | 16 | 15 | 15 |
Grand Total | 2705 | 3114 | 3133 |
Note: These tables are gross totals, so although a number of QROPS may have opened and closed in a financial jurisdiction, the figures quoted are the current number of public open QROPS.