IPP Business Remains Buoyant

Willis Towers Watson’s International Pension Plan Survey 2022 has recently been published and once again demonstrates the strength and quality of the Isle of Man’s IPP offering.  It reports that of all the trust-based plans established in the last 5 years, 67% have been in the Isle of Man.  This is up from 63% reported the previous year.

According to Simon Pickering, Head of Insurance and Pensions at the Isle on Government’s Department for Enterprise, this is a continued reflection of the overall package available to trustees and administrators of Isle of Man schemes:  “Few, if any, jurisdictions can rival the Isle of Man’s offering in respect of IPP arrangements.  We have an enviable regulatory framework delivering high standards of governance alongside flexibility, mature and enforceable trust law and a deep talent pool of experienced and knowledgeable practitioners.  Not only have we remained out in front for trust-based plans but we have significantly increased that market share, and that is testimony to the quality of our industry.”

But Pickering is keen to stress that the Isle of Man will not be resting on its laurels:  “Our IPP industry really stepped up during the pandemic working with the regulator to enable pension members to adjust contribution levels or access pension benefits through hardship provisions.  During 2021 we undertook a very successful digital marketing campaign to re-inforce the Isle of Man’s eminence in this space.  And looking forward, government and industry are actively seeking technical improvements to an already successful offering. On the back of this, I fully expect our market-leading position to be maintained.”