MAC Financial is part of the MAC Group and is the Island’s largest Corporate IFA. In this role, it is the dominant provider of independent advice to thousands of employees with regard to making pension provision. MAC is therefore delighted to announce that Aviva, one of the world’s largest insurers, has decided to re-enter the Isle of Man corporate pensions market for new business for the first time since 2007.
Due to a combination of factors, Aviva, along with many other large insurers, undertook a review of its product range in 2007 and concluded that it was best served focusing on certain key areas. Part of this review led to Aviva’s decision to close to new pension business across the Isle of Man. MAC has continued to serve its large corporate client base as the decision only affected new business and not existing schemes. However, from day-one of the decision, MAC has campaigned tirelessly for such a major provider to reconsider its decision and to allow IOM residents to at least have a choice to utilise Aviva should they wish.
Finally, after many protracted conversations, MAC is delighted to announce that Aviva has re-opened to new corporate pensions business. This means that a superb, low cost and technology driven pension arrangement is again available, subject to certain terms and conditions. Alongside the corporate pension scheme developed by IOMA Group recently, it does mean that at least 2 attractively packaged providers can offer their products on the Island.
Managing Director of MAC Group, Jon McGowan, commented: “We have continually argued the case that although a small Island, we punch well above our weight in terms of potential pensions business. We should have access to a ’major‘ name and one that has a long and distinguished track record in meeting the needs of its customers.”
MAC Group Director, Nigel Gregg, also commented: “While developments in recent years involving such products as SIPPs are very welcome, for many people, the ability to provide a low cost, flexible, transparent and simple pension scheme is very important. We are delighted that, following our numerous discussions and extensive lobbying, Aviva has decided to re-enter the corporate pensions market locally. We look forward to continuing our long association with them and with any other pension providers that are willing to submit their products to our stringent, independent, analytical and market leading review process.”
Ends
