UK QROPS pension transfers are growing in popularity each day, it seems.
2015 is looking to be a booming year for QROPS around the world, as the previous year was. In 2014, there were three new financial centres that announced new QROPS, namely The Falkland Islands, Kosovo, and Kenya. This has added to the total QROPS around the world, of which there are 3 634 that one can choose from.
In addition, as of 1 January 2015, Australia is the country that has the most number of QROPS – a total of 1581 with a 43.5% market share. This is in contrast to 2014’s figures, which saw Australia with 1295 QROPS. This leap of 286 new QROPS in the jurisdiction is a testament to just how big these pension schemes have become.
After Australia’s considerable figures, most other countries tend to drop off. The closest is Ireland with 779, and the next greatest number is Isle of Man, with 227.
However, it is important to note that the number of QROPS within a specific jurisdiction is, in no way, an indication of “quality”. Simply because Australia has so many does not mean it’s a wise choice for everyone to move their pensions there. Likewise, a smaller jurisdiction like Malta may offer better benefits for expats retiring outside of the UK.
Furthermore, there are jurisdictions that have lost QROPS, the most notable being India, which has had 16 QROPS close. Following this is Canada, which has closed five. In total, 30 QROPS were closed across the world in 2014.
There are indeed many options to choose from, and which you decide on will depend on a number of factors, such as the currency you wish to have your pension in, and the advice of your independent financial advisor. With Carrick Wealth, we typically recommend Malta and Gibraltar jurisdictions to our clients as these offer the greatest benefits, however, we still look at each individual and their pension, as we know that investment is never a one-size-fits-all activity.
We offer such specialised services so that our high-earning clients receive the best returns on their money, because their wealth is as important to us as it is to them. Utilise our UK QROPS pension transfer services today and live the life you have saved for.