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.