As international pension plans (IPP) become more relevant than ever due to the continued increase in remote working and living, Finance Isle of Man, the Executive Agency dedicated to promoting and further developing the Island's financial services sector, has launched a global marketing campaign to promote its IPP offering.
The five-month campaign will highlight the benefits of choosing an Isle of Man provider to establish and manage international pensions and savings arrangements.
With over 1,000 retirement benefit schemes of which more than 150 are international plans, the Island has a strong and mature pensions sector, Finance Isle of Man said.
The Isle of Man is now looking to capitalise on strong market conditions and its position of strength with a dedicated marketing campaign on pensions."
It pointed to the 2020 Willis Towers Watson International Pension Plan survey which showed that the Isle of Man established 63% of the new trust-based schemes in the last five years, which is the top ranking by some distance.
Pension companies on the Island deliver a range of solutions for global clients, both off-the-shelf and bespoke. Mostly, these solutions fall into three categories, which are group pension plans, personal pension plans and gratuity / reward plans.
In addition, the executive agency said that dedicated regulations, coupled with complimentary tax legislation makes pension solutions in the Isle of Man a compelling option for businesses looking to provide their globally mobile employees with a simple and effective retirement savings scheme.
Simon Pickering, head of insurance and pensions, Finance Isle of Man, said: "Instead of retrenching to just take care of the ‘here and now', the Isle of Man pension providers have recognised the importance of long-term financial security and continued to support individuals and businesses globally during a challenging period. As a result, the industry is seeing buoyant activity within existing structures as well as new opportunities.
"The Isle of Man is now looking to capitalise on strong market conditions and its position of strength with a dedicated marketing campaign on pensions. Various digital assets have been created to bring the campaign to life, including: a dedicated landing page that highlights the latest news and industry trends from the Isle of Man pensions sector; and ads created for LinkedIn, Google and YouTube.
Dougie Elliott, Chair of the Isle of Man Association of Pension Scheme Providers, which is the trade body representing the sector on the Island, said: "This campaign is testament to our continued successful collaboration with Finance Isle of Man to promote the Island as an international financial centre of excellence for pensions.
"Looking ahead to the future, I'm confident that the Island's pensions sector will navigate the complexities of a post-pandemic world, maintaining a dedication to first-class customer-led experience. The sector will continue to be innovative in the supply of products and development of technical solutions to meet the needs of an increasingly mobile global population."