The Lifestyle Pension has received Guernsey tax approval and QROPS status from HMRC in the UK, but is authorised by the Insurance & Pensions Authority in the Isle of Man and will be largely marketed and administered from there.
IOMA Pensions director, Mike Batey, said it will aim to be ‘truly open architecture’ with no ties to a particular financial service provider or investment platform.
“We want to give advisers the opportunity to select the investment strategy on a genuinely independent basis,” said Batey.
“Through the IOMA Group, we have strong existing links to many financial products that we use frequently, especially with on-line investment platforms. We aim to add new relationships where possible and when required.”
Batey added that further development in the international retirement schemes arena is expected through the summer and into the autumn.
Carey Pension & Benefits are the trustees for the scheme while IOMA Pensions will be the administrators.
