THE Isle of Man Finance Partnership has joined forces with the Isle of Man Association of Pension Scheme Providers (APSP) to increase the promotion of the Island as a leading domicile for international pensions.

The APSP will work with the Department of Economic Development’s public/private sector initiative to try and increase pension business in the Island.

Stuart Clifford, the chairman of the APSP, said: "The Isle of Man is unique among international offshore centres in having a dedicated regulatory regime for the managers of pension schemes and the schemes themselves. 

"This regulation is distinct from the tax framework that governs the schemes and the result is a highly flexible and modern structuring opportunity of international pensions underpinned by a dedicated regulatory function. 

"This is not available anywhere else and we look forward to working with the government to highlight the opportunities this presents to companies and individuals.
 
"In addition to specific international arrangements the Isle of Man offers the opportunity for those with existing UK pensions but not resident in the UK to transfer into a domestic Isle of Man scheme under the UK's Qualifying Recognised Overseas Pension Scheme (QROPS)." 

The Isle of Man has enjoyed progress in the pension's industry since the introduction of legislation for the regulation of international schemes in 2001.

Economic Development Minister John Shimmin MHK said: "The APSP has made great progress in representing the sector since its formation under a year ago and we are pleased to support its efforts in furthering the Island's reputation as a centre of excellence for retirement solutions."

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