Isle of Man International Pension Providers Step Up during Pandemic

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Retirement planning is, above all, about financial security and, of course, one of the many impacts of the global pandemic has been to challenge that for a great many people globally.  It is therefore incumbent upon pension providers to do whatever they can to maintain the best laid financial plans of their members. 

The Isle of Man’s pension industry, collectively and individually, has been stepping up to the plate.

A primary concern for savers has been the long-term sustainability of pension contributions, especially where earnings have been curtailed on the back of the crisis.  Working in conjunction with the pensions regulator, Isle of Man trustees have been able to adjust pension rules to allow reduction or postponement of contributions, often on a temporary basis for the duration of the pandemic.

Many pension members will have found themselves without any income at all and may need to access pension funds ahead of the normal retirement target date.  Whilst the Isle of Man’s tax and regulatory laws are already non-prescriptive, and therefore highly flexible, when it comes to retirement date, many trust deeds and rules governing pensions will have a specified retirement age written in.  Again working collaboratively across the pension providers, regulator and sponsoring employers, positive results have been achieved in allowing for hardship provisions to permit early withdrawals as a meanings of coping with the Covid-19 fallout in personal finances.

These support initiatives, and others like them, are typical across the Isle of Man’s pensions industry and have been vital lifelines for the global client base.  But it’s not just about coping mechanisms, the industry has been paving the way for constantly improving customer outcomes far into the future too.  Solutions for pragmatic but secure anti-money laundering checks, digital member support and risk management tools and product innovation have all been high on the development agenda across the pension provider community – again in close collaboration with the regulatory authorities.

Isle of Man pensions are, quite literally, about trust.  An environment where employers, members and beneficiaries can feel secure and supported, in good times and bad, is therefore a must.  Across the globe, retirement savers have been, and will continue to be, delighted they chose the Isle of Man.

 

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