More expats transferring UK pensions overseas QROPS, which were established in 2006, are HM Revenue & Customs-recognised pension schemes based in selected jurisdictions outside the UK. Around 10,000 expats move their pensions each year. "The 15 per cent growth in our QROPS business to the year ending December 2013 reflects the sustained upward trend in the QROPS sector more generally," said Nigel Green, the deVere Group founder and chief executive. I would attribute this to the growing public awareness of the mounting problems of the UK pension system. There is a growing public perception that there are fewer incentives to keep retirement funds in the UK due to the scrapping of some key age-related benefits, among other factors; and because, as clients frequently tell us, pension pots have in recent years become easy targets for stealthy and not-so stealthy government raids. He added: "The growing demand for QROPS is also attributable to the fact that an increasing number of expats are learning about their existence and discovering their benefits - which include being able to avoid the UK's 55 per cent death taxes applicable on pensions, greater investment flexibility, and having pensions paid out in most major currencies." Justin Harris, managing director of Chase Belgrave, an independent financial advisory company, has also seen an increase in the number of expats choosing to transfer their pensions in the last couple of years. He believes this is due to "more people leaving the UK during the economic downturn combined with the HMRC refining the QROPS rules over time to create a more predictable and secure product landscape." Mr Harris added: "The key tax and flexibility advantages of QROPS are also more widely understood among the general public. It really does seem that more and more expatriates will opt to move their frozen UK pension offshore.