TWO new companies have been launched on the Isle of Man with the express intention of providing specialist pension provision for Island residents and internationally.

SIPP Specialists has launched a new Qualifying Recognised Pension Scheme (QROPS) whilst SIPCO Pensions has launched a new International Retirement Benefit Scheme (IRBS) from the Isle of Man.

The two companies, along with SIPCO Trustees Ltd, are wholly owned and managed on the Isle of Man.

Dougie Elliott, one of the directors, said: "It is our intention to offer a genuine choice to advisers and their clients. We will progressively be offering a series of new pension related products. Some will be for Isle of Man residents some will be international. Many will make use of improvements in technology including wraps and platforms."

Colleague and co-director John Bingham added: "SIPCO is an acronym for Specialist International Pension Company and that sums up nicely what this company will do – innovative international pension products for people across the world.

"SIPP Specialists will offer more conventional products for Isle of Man residents as well as QROPS and QNUPS (Qualifying Non UK Pension Schemes) products from a number of different jurisdictions."

There will be a series of announcements in the near future about new product initiatives.

For more information about SIPCO click here.