QROPS as a valuable investment plan for retired expats in well-regulated financial centres continues to gain traction. This month saw higher regulatory standards being implemented, and the Financial Conduct Authority has strongly recommended that all IFAs and pension advisers include QROPS in their retirement savings advice.
The total number of QROPS around the world increased to another high as of the beginning of October, at 3,140 pension schemes. Australia remains at the top, with a mix of corporate and private QROPS schemes. Many British expats move to Australia upon retirement.
In second place is Ireland, which has a substantial amount of corporate QROPS schemes. Big clients include Google, Amazon, Bank of America, Barclays and even the European Union.
New QROPS were opened in Australia (16), Ireland (9), the Isle of Man (1) and Canada (4). One scheme closed in Switzerland.
Out of the other 36 nations that host QROPS providers, 11 new schemes opened, leaving them with just over 10% of the number of schemes worldwide – compared with 89% for the top 10 nations.