QROPS Providers Approach Record High

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Pryce Warner International Group, a leading international QROPS provider, advises that the number of QROPS providers is approaching a record high, showing the increased growth and stability of the industry and years of regulation changes.

QROPS providers have continued to increase over the past year

At the current rate, the amount of QROPS available will overtake the previous record by the end of the year.

Pryce Warner International Group – The fortnightly published list of HMRC approved QROPS providers showed an increase of 8 on April 2nd, 2013.

This put the total list of QROPS (Qualified Recognised Overseas Pension Scheme) at 2967 in 46 locations around the world.

The previous high was 3001 in March 2012, but this suffered a dramatic loss after 300 pension schemes were made no longer available in Guernsey.

David Retikin, Director of Operations at Pryce Warner International Group, commented: “That the number of QROPS providers has regained the losses following Guernsey being struck off, shows that the industry as a whole is recovering, growing, and becoming more stable. At the current rate the amount of QROPS available will overtake the previous record by the end of the year, making it one of the most varied and popular pension options for Expats.”

The jurisdictions with the most QROPS providers are Australia and Ireland, two countries that have very high numbers of British expats.

Australia has 1119 QROPS available (1/3 of the total) and Ireland has 695 (1/5 of the total).

HMRC publishes the list of offshore pensions, self-certifying that they meet the QROPS criteria. British pension funds cannot transfer money to a QROPS which is not on the list except under exceptional circumstances.

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Aneil Fatania
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