The pensions sector in the Isle of Man has been established for over 30 years and has over £11.3bn in funds under management. Over the last 30 years the sector has changed and grown considerably; seeing the introduction of a comprehensive and separate pension legislative framework and pension freedoms in 2018.
This sector comprises of over 20 regulated professional pension scheme administrators, specialising in all aspects of pension planning, including group, individual and bespoke pensions spanning domestic and international markets.
Currently there are over 1,200 retirement benefits schemes administered on Island, of which over 140 are international schemes. There is a skill shortage in certain areas of the sector, particularly in administration and actuarial work.
The Isle of Man Association of Pension Scheme Providers (APSP) was established to represent pension companies and related service providers based on the Isle of Man.