The management team has always believed in, and laid the essential groundwork, for long-term growth in terms of increasing the range of products and services available to clients. This exciting new development phase offers the market another choice of pension provider.
Kreston IOM is a tried and tested provider of offshore services, delivering peace of mind to clients, and securing their future in the hands of a well established and professional company.
Having taken its first steps into the pension market, Kreston Pensions (Isle of Man) has set the stage for further growth. The first plan, the Isle of Man QROPS, is up and running and registered as an authorised scheme by the Isle of Man Pensions Authority and HMRC. It’s a flexible scheme whereby contributions can be made by lump sums or regular contributions, depending on the individual client’s investment advice.
This allows the client to invest in life assurance polices, investment platforms, discretionary managed accounts, bank deposits and potentially other investments.
So why choose Kreston Pensions (Isle of Man)? There are several good reasons. Kreston keeps the product simple, provides good solid professional and reputable trustees, can access expert advice from its extensive network of partners and offers a reasonably priced product giving clients better value for money than most.
Recent changes to the UK Budget mean that individuals now have much greater freedom when it comes to investing their retirement funds. Kreston Pensions (Isle of Man ) works with key introducers, not only providing a personal service to clients regarding the administration of their pension scheme but also examining the market to aid the development of future pension products. Kreston Pensions (Isle of Man) takes the long term view.
Chief Executive Officer of Kreston IOM, David Pope said: ‘This is an essential market place for our business to be active in. Participation in pensions increased in 2013 for the first time since 2006 and represented the largest rise since records began in 1997. Generally individuals are able to freely move from jurisdiction to jurisdiction and the freedom of movement of capital has eased dramatically over the last two decades. We feel we will bring a quality of service that will complement this increased demand and aid those individuals when choosing the most secure and appropriate jurisdiction for their pension funds.’
Kreston International was founded on its core principle. ‘Kreston’ is ancient Greek for ‘Trust’. It is a global network of independent firms, with members who are accustomed to working together to provide creative and quality solutions for clients with international needs. Kreston International has over 700 member firms in 105 countries, providing a resource of over 21,000 professional and support staff.
Kreston IOM is the Isle of Man’s sole representative of Kreston International and, as part of that network, a member of the prestigious Forum of Firms association, which requires international standards and a high ethical code.
Formed in 1998, Kreston IOM treats all clients individually, providing a bespoke and confidential service from a highly respected offshore base. Kreston IOM understands the needs for appropriate structures and jurisdictions to meet all its clients’ needs and, due to its affiliation with Kreston International, is able to offer a multi-jurisdictional as well as a personal approach to clients.
Niche and specialist markets are continually being explored and developed by Kreston IOM, in addition to its trust, fiduciary and corporate services.
In 2011, the Isle of Man introduced The Foundation Act which complements existing trust and company structures but with some unique features. Primarily introduced to provide an additional product to serve individuals in common law jurisdictions which do not recognise the existence of Trusts, foundations have been used as a flexible form of structuring for familial wealth and long term asset planning. Kreston IOMs Foundation services include establishment, provision of member’s council, administration, accounting, reporting and filing.
Kreston IOM is also involved in the Isle of Man’s Aircraft Registry, which has gone from strength to strength since its creation. It’s a quick and efficient global registration service providing minimum down-time between leases, or a safe international register for parked aircraft.
The expansion into pension services is the most recent step in Kreston IOM’s group development plan.
Kreston (IOM) Limited is licensed by the Isle of Man Financial Supervision Commission.
Kreston Pensions (Isle of Man) Limited is regulated by the Isle of Man Insurance and Pensions Authority
