Transfers to Qualifying Recognised Overseas Pension Schemes (QROPS) are down for the second tax year in a row according to data from HM Revenue and Customs (HMRC).

Since April 2006, an individual can transfer their pension savings in a registered pension scheme to a QROPS.

Data from HMRC has shown that 9,700 transfers worth £1.22 billion  took place in 2016/17 compared with 13,700 transfers worth £1.5 billion in 2015/2016. 

Transfers hit an all time high in 2014/15 with 20,100 taking place amounting to £1.7 billion.

Rachael Griffin, financial planning expert at Old Mutual Wealth, ...