QROPS Pensions Surge To New Global Peak

QROPS Pensions Surge To New Global Peak

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.

1 thought on “QROPS Pensions Surge To New Global Peak”

  1. Interesting table. I am curious about the jurisdiction of Gibraltar as it lies within Europe boundaries but is a British Sovereignty. There has been a lot written about QROPS for expats so its nice to see an accurate upto date table displaying the comparison. Good work I’ll be sure to check back!

    Reply

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