The Isle of Man currently has over 20 registered professional pension scheme administrators, specialising in all aspects of international pension planning, from the large multinational to individual clients.
All pension scheme administrators are regulated by the Isle of Man Financial Services Authority (FSA) formerly known as the Insurance and Pensions Authority, which was established in 1986. As such they are subject to a rigorous approval process and on-going regulatory audit. These pension providers are supported by a mature and highly developed international finance and professional services industry which includes some of the world’s most respected names.
The Association of Pension Scheme Providers was formed in 2010 as a body to give the growing pensions industry in the Isle of Man a forum to discuss issues and liaise with government and regulators with one voice.
For peace of mind the Isle of Man courts have a comprehensive legal framework of primary and secondary legislation to draw on for the protection of pension scheme members. This is specific to pensions in the form of the Retirement Benefits Schemes Act 2000 and subsequent regulations. Further, the Courts can draw on extremely comprehensive UK precedent in other matters such as trust law which is of particular relevance to many pension schemes.
All Isle of Man pension schemes must also be approved by the Assessor of Income Tax in the Isle of Man.
Benefits of placing your retirement solutions in the Isle of Man