QROPS Numbers Increase…

As pension rules are set to change again at the financial year end in April, retirement savers saw Qualifying Recognised Overseas Pension Scheme (QROPS) numbers increase again.

Today, 984 QROPS are open for business around the world according to the latest QROPS List published by HM Revenue and Customs (HMRC).

Australia opened more new pensions than any other financial jurisdiction – with 19, taking the number of QROPS available there to 82 when only one remained open after the last set of pension rule changes in June 2015.

Austria, India, Ireland, Italy and Jersey all added one extra QROPS to their tally since HMRC released the last QROPS List two weeks ago.

Lifetime allowance restrictions

The offshore pensions for British expats and former international workers with UK pension rights are now available in 41 financial centres – unchanged since the last list.

The Isle of Man, with 202 QROPS and Guernsey with 135 are the two leading offshore financial centres for expats by number of QROPS.

In April 2016, retirement savers face restrictions on their lifetime allowance for pension savings in the UK – but this rule will not apply to QROPS. The threshold will drop from £1.25 million to £1 million.

HMRC will test transfers into QROPS to make sure the funds do not breach the £1 million limit, but once into the offshore scheme, they are not test again and can grow without restriction.

HMRC will publish the next QROPS List on March 1, 2016.

View the latest itemised list of QROPS from HMRC here    

QROPS List By Financial Jurisdiction

CountryNo of QROPS
Total:984
Australia82
Austria8
Barbados1
Belgium14
Bulgaria2
Canada64
Czech Republic2
Denmark4
European Union1
France11
Germany31
Gibraltar47
Greece1
Guernsey135
Hong Kong12
Hungary1
Iceland1
India10
Ireland83
Isle of Man202
Italy20
Jamaica1
Jersey84
Kenya1
Kosovo1
Latvia3
Liechtenstein3
Luxembourg4
Malta23
Mauritius1
Netherlands63
New Zealand31
Norway6
Portugal4
South Africa12
Spain3
Sri Lanka1
Sweden6
Switzerland1
Turkey2
United States of America2

Source: HMRC

If you would like to have more information on QROPS, or if you would like to seek advice from a pensions expert, please contact us at hello@expatsipp.com.