Home Economy 23 Hong Kong QROPS Dropped By HMRC

23 Hong Kong QROPS Dropped By HMRC

HMRC has shaken the Qualifying Recognised Overseas Pension Scheme (QROPS) industry again with the sudden delisting of 23 Hong Kong QROPS.

Just two Hong Kong QROPS are actively accepting transfers in – the Asia Alternative Asset Partners Limited Retirement Benefits Scheme and David Watt Retirement Benefits Scheme.

HMRC has not issued a statement explaining the delisting – and none of the scheme managers seem willing to comment.

“HMRC does not comment on issues involving specific QROPS, said an HMRC spokesman.

Other schemes missing from the August 1, 2013 QROPS list are one in Jersey and three in Switzerland.

Australia leads market

Overall, the number of QROPS is six less than those included on the last QROPS list published on July 15, 2013, and 441 up on the same time last year once the missing Hong Kong QROPS are set off against new schemes opening in the past fortnight.

The total number of QROPS currently stands at 3,103 schemes across 46 financial jurisdictions – the second highest number of QROPS schemes since the pension plan was introduced in April 2006.

Australia retains the crown as the leading QROPS provider by number of schemes, with 1,204 pension plans – four up on July 2013, and 252 more than a year ago. Australia has a 38% market share.

Four new QROPS opened in Ireland, which has a 23% market share and takes second place behind Australia. Ireland is home to 721 QROPS – 68 more than a year ago.

New QROPS schemes

The Isle of Man lags behind in third place – adding three new schemes since the last list was published, taking the total to 224 QROPS  – 49 more than a year ago and a market share of just over 7%.

QROPS also opened in Germany, Malta, India, Canada, Guernsey, Sweden and The Netherlands.

HMRC publishes the QROPS list every two weeks. The next list is due on August 15, 2013.

 

QROPS Jurisdictions

Number of QROPS pensions

August 1, 2013

Australia

1204

Austria

9

Bangladesh

1

Barbados

4

Belgium

22

Bulgaria

3

Canada

99

Czech Republic

4

Denmark

8

European Union

1

Finland

4

France

39

Germany

56

Gibraltar

19

Greece

1

Guernsey

48

Hong Kong

2

Hungary

1

Iceland

3

India

19

Ireland

721

Isle of Man

224

Italy

45

Jamaica

2

Jersey

135

Latvia

1

Liechtenstein

2

Luxembourg

8

Malaysia

1

Malta

17

Mauritius

2

New Zealand

48

Norway

7

Portugal

23

Russian Federation

1

South Africa

31

Spain

16

Sri Lanka

1

St Lucia

3

St Vincent & The Grenadines

1

Sweden

8

Switzerland

135

The Netherlands

104

Trinidad & Tobago

3

Turkey

3

USA

14

Grand Total

3103

Source: HMRC QROPS list

Farid Shojaei
Farid Shojaei
Farid was born in Tehran but his family immigrated to Germany when he was 7. He finished his elementary and secondary schools in Germany but he returned to Iran on 2007. Shojaei attended the Shiraz University to study economics. A year after he became a volunteer writer of Pars Herald. On 2009 he joined the group in full time. His guidelines for the group were excellent and he was admired by other reporters in the country. City: Shiraz Phone Number: +989356998914 Email: Farid {at} ParsHerald.com Name in Persian: فرید شجاعی

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