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International Pension Plans Facing High Demand

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During such a challenging period for businesses and individuals globally, the international pensions market could conceivably have gone one of two ways – either retrenching to take care of the ‘here and now’ or recognizing the importance of long-term financial security.  Thankfully, Isle of Man pensions businesses are experiencing the latter, with the industry seeing buoyant activity within existing structures as well as new opportunities.

With employee welfare having been brought into such high focus over the last year or so, employers seem committed to creating and maintaining benefit packages that demonstrate their commitment to their people and which will enable them to recover quickly as businesses.  International Pension Plans are integral to this ambition.

But employers are not just seeking any old solution, they are looking for a robust long-term solution where governance and security are locked in.  According to Simon Pickering, Head of Insurance and Pensions at the Isle on Government’s Department for Enterprise, this is where the Isle of Man’s unique combination of attributes sets it apart: “Our pension providers benefit from a regulatory and legal framework which is a global benchmark.  We can offer mature and enforceable trust law, combined with a multi-layered regulatory system which separately oversees both the pension schemes themselves and the administrators of those schemes.  With over £11 billion in pension scheme assets, ours is an industry which is both strong and mature.  It is particularly gratifying, but not surprising, to see that the 2021 edition of the pre-eminent study into International Pension Plans by Willis Towers Watson reports that of all the trust-based plans established in the last 5 years, 63% have been in the Isle of Man”.

And it’s not just company-sponsored schemes that remain in demand.  Isle of Man operators active in international personal pension planning are reporting a similar trend, where individuals have seen the perils inherent in an underfunded long-term financial plan.

Pickering also points out that the global crisis has served to enhance the Isle of Man’s reputation even further:  “Across the financial services industry robust business continuity programmes have enabled a seamless transition into remote working practices and our pension administrators have proved more than adept at retaining the interconnectivity with clients, advisers and professional service providers that is essential to the overall proposition.  The industry’s infrastructure has undoubtedly been tested and we are immensely proud of the results”. 

And, Pickering adds, the Isle of Man is now looking to capitalize on strong market conditions and its position of strength with a dedicated marketing campaign focused on pensions: “We have been working collaboratively with the Isle of Man Association of Pension Scheme Providers to develop a fresh, insightful marketing package, which will re-inforce our Island’s eminence in international pension solutions.  The public and private sectors working in tandem like this is a real strength of the Isle of Man and we are excited about enhancing the message over the coming weeks and months.”

 

The Isle of Man international pensions industry has been leading the way for many years and the facts demonstrate a strong, resilient sector with a powerful market presence. Find out more about the Isle of Man's International Pension Plans. 

 

 

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