IoM Promotes Pensions Industry
Tuesday, October 25, 2011

The Isle of Man Finance Partnership has joined forces with the Isle of Man Association of Pension Scheme Providers (APSP) to increase the promotion of the Isle of Man as a leading domicile for international pensions.

The APSP will work with the Department of Economic Development’s recently launched Public-Private Sector initiative to increase the awareness of the Isle of Man’s pensions capabilities with the aim of further increasing the flow of pensions business and attracting new pensions practitioners to the island.

Stuart Clifford, Chairman of the APSP commented:

"Our partnership with the Department of Economic Development will enable us to work together to continue to raise awareness of the Isle of Man’s pension offering in new and existing markets. The Isle of Man is unique among international offshore centres in having a dedicated regulatory regime for the managers of pension schemes and the schemes themselves.”

“This regulation is distinct from the tax framework that governs the schemes and the result is a highly flexible and modern structuring opportunity of international pensions underpinned by a dedicated regulatory function. This is not available anywhere else and we look forward to working with the government to highlight the opportunities this presents to companies and individuals."

"In addition to specific international arrangements, the Isle of Man offers the opportunity for those with existing UK pensions but not resident in the UK to transfer into a domestic Isle of Man scheme under the UK’s Qualifying Recognised Overseas Pension Scheme (QROPS)."

Commenting on the partnership, Minister for Economic Development, John Shimmin, added:

"The APSP has made great progress in representing the sector since its formation under a year ago and we are pleased to support its efforts in furthering the island’s reputation as a centre of excellence for retirement solutions."

The island has enjoyed steady progress in the pensions industry since the introduction of legislation for the regulation of international schemes in 2001. In addition to the large number of group and individual pension arrangements operated by the international life offices on the island, the Department said the number of registered pensions administrators managing a wide range of international-group or personal schemes is also growing markedly.