South Africa Loses QROPS Status For Expat Pensions
South Africa has dropped off the list of financial jurisdictions offering QROPS expat offshore pensions.
The latest HM Revenue & Customs QROPS List published on October 15, 2018, confirms the removal of the last QROPS based in South Africa.
The ABSA Group Pension Fund was the final South African QROPS.
Neither ABSA or HMRC have commented about the removal.
Generally, QROPS are delisted for three main reasons:
HMRC is probing the administrative or tax status of the scheme
The last member has drawn down on their fund or transferred out of the fund
The QROPS provider closes
History of South Africa QROPS
South Africa has been ever-present on the HMRC list since QROPS were introduced in April 2006.
Between March 2010 and June 2015, the number of QROPS peaked at between 28 and 31 pensions.
After HMRC introduced tax and rules changes in June 2015, the number slumped to seven QROPS, rising to a recent peak of 12 pensions at the start of 2016.
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