The Isle of Man Association of Pension Scheme Providers was officially brought in to being at a meeting last month, when the constitution was agreed and a committee appointed.
The Association aims to work with the Government and fellow professionals to create a better understanding of pensions on the Island and to compete with other jurisdictions in the international pensions marketplace.
At the moment, every pension provider that is active has joined the Association, bringing the total number to 17 but more are likely to join.
Stuart Clifford, chairman of the Association, said: “Recent changes to pensions legislation in the Isle of Man have removed some barriers and possibly even given the jurisdiction a competitive edge over others in the provision of non-resident pension schemes. The Isle of Man has a dedicated pensions Regulator, the Insurance and Pensions Authority, and therefore have always been able to demonstrate the Island's commitment to protecting the end service user and, with the elimination of these impediments, the Island has the opportunity to be a world leader in the pensions industry.”
The IoM Government has welcomed the creation of the Association. John Batty, business development manager at IoM Finance, said that there was a need for an association, as pension business in the IoM has grown a lot in the last few years and with the changed legislation announced in October, it is convenient that the pension industry is now represented by one organisation.
"I have to say that the opportunities for this sector, particularly in the areas of International Pensions and the provision of Qualifying Recognised Overseas Pension Schemes (QROPS) are tremendous. We have an excellent skill base spread across a number of quality firms; it is pleasing that we now also have the right tools to enable this sector to flourish further."
Apart from Clifford, the committee of the Association consists of deputy chairman Mark Kiernan, honouree secretary Tim Boles, Nigel Callin, Mike Batey and Dougie Elliot.
Latest News
-
Irish master trust growth continues; ‘considerable uncertainty’ remains over AE
-
Majority of Finns supportive of agreed pension reforms
-
Sampension brings case to the ECJ to assess if Danish rules violate EU directives
-
BNP Paribas Cardif completes the acquisition of AXA Investment Managers
-
'Important milestone' as PMT submits implementation plan to DNB and AFM
-
KPA Pension forms part of SEK 200m green bond investment
Podcast: Stepping up to the challenge
In the latest European Pensions podcast, Natalie Tuck talks to PensionsEurope chair, Jerry Moriarty, about his new role and the European pension policy agenda
Podcast: The benefits of private equity in pension fund portfolios
The outbreak of the Covid-19 pandemic, in which stock markets have seen increased volatility, combined with global low interest rates has led to alternative asset classes rising in popularity. Private equity is one of the top runners in this category, and for good reason.
In this podcast, Munich Private Equity Partners Managing Director, Christopher Bär, chats to European Pensions Editor, Natalie Tuck, about the benefits private equity investments can bring to pension fund portfolios and the best approach to take.
In this podcast, Munich Private Equity Partners Managing Director, Christopher Bär, chats to European Pensions Editor, Natalie Tuck, about the benefits private equity investments can bring to pension fund portfolios and the best approach to take.
Mitigating risk
BNP Paribas Asset Management’s head of pension solutions, Julien Halfon, discusses equity hedging with Laura Blows
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories