A global pension in a stable jurisdiction
The Isle of Man is recognised as one of the best jurisdictions in which international organisations can locate their retirement plans.
The reason for this is the unique legislation designed for this very purpose. The Retirement Benefits (International Schemes) Regulations 2001, which took effect from January 2002, established an infrastructure concerned with the management and administration of international retirement benefits schemes under the Retirement Benefits Schemes Act 2000.
These regulations aim to provide protection for all members and beneficiaries of international retirement plans (schemes). Plans authorised under these rules must be are managed by competent organisations who are registered with the Isle of Man Financial Services Authority as Professional Retirement Benefits Schemes Administrators having shown that they are suitably qualified to discharge their responsibilities. Insurance companies in the Isle of Man cannot hold this status and therefore must outsource that role.
Whilst the legislation governs the operation of all Authorised International Plans, it is not overly prescriptive in relation to the manner in which benefits can be taken or in setting fixed parameters for contribution levels or retirement dates. Although the legislation primarily provides plan members and employers with protection for their benefits, the flexibility in plan construction offers advantages to global businesses and individuals alike.
As such, Isle of Man international plans provide scope to be individually tailored to suit particular markets or incorporate multi-jurisdictional features.
We are one of the leading independent providers of international retirement plans, and what makes us different from most others is we do not outsource any aspect of your plan to sub-contractors. iRS plans are held in Trust, a legal relationship in which the independent Trustees (iRS) are assigned the responsibility to look after the retirement plan assets on behalf of the members.
We manage plans for many international organisations from a variety of business sectors including, oil and gas exploration, financial services and banks, hotel and leisure and also from the global NGO sector.