Q&A with Dougie Elliott, Sovereign Pensions
What’s your vision for the Isle of Man employee benefits cluster?
The vision is simple for me. It is for the Isle of Man employment benefits cluster to be the first port of call for all international employers seeking to give benefits to their employees. As a collection of industries representing the suppliers we have been collaborating with Government, and with those in the service sector, to explore opportunities to broaden the employee benefits offering available from the Isle of Man.
As a professional based here, what do you think the Island has to offer in this context?
A great deal. Our industry’s client base is truly international and multi-jurisdictional so the biggest challenge for us is continually stepping up to the cross-border compliance challenges, especially in the face of a lack of regulatory and tax harmonisation, both regional and global. Post-pandemic, I can only see an upward trajectory for remote working and living, so we need to be ready to embrace the increased complexity that inevitably goes with that. Whilst we must never become complacent, I think we have every reason to be confident that the Island can continue to meet the those growing demands and complexities of the sector.
We will continue to be innovative (in the supply of products and development of technical solutions to meet the needs of an increasingly mobile global population) by developing solutions for employees where traditional domestic products don’t fit. The Isle of Man international pensions industry has been leading the way for many years and the facts demonstrate a strong, resilient sector with a powerful market presence. It makes sense to widen this offering to include all aspects of employee benefits.
Is there a specific type or size of business that would benefit the most from the scheme?
No, I don’t think there is. The Isle of Man has been innovating and pioneering on behalf of international clients, from large multinationals to private individuals, since the 1970s. The goal has always been to build a reputation for strong pensions governance aligned with service excellence and product flexibility – that has certainly been achieved. Continual refinement and enhancement of the proposition has enabled the Isle of Man to remain at the vanguard of this space.
A great example of that was our early engagement on FATCA and the Common Reporting Standard which led to a simple, clear, and concise reporting regime which enhanced our offering yet further. I think all employers in the international arena can take advantage of our services. We have the players available to maintain the first-class and customer-led experience enjoyed by our user base, regardless of size.
Do you think the diversity of expertise on the Island is going to be beneficial in attracting business?
The Isle of Man is committed to being a respected and responsible global citizen, always out in front when embracing international compliance standards such as the prevention of money laundering, countering of the financing of terrorism and tax disclosure. Underlining this, our regulator – the Isle of Man Financial Services Authority. Our simple and transparent tax environment is extremely attractive as it’s geared towards maximising client benefits. All of this has led to many recognisable global brands, both product providers and professional services, choosing to locate specialists in the Isle of Man. The degree of available expertise is therefore outstanding.
How might the benefits of the scheme be felt on-Island?
Employers and employees based on the Island will have the opportunity to experience the benefits of the services offered by those providers operating from the hub. It will undoubtably supply advantages to those who work on the Island.
Sovereign Pensions is part of a pioneering team tasked with helping with the launch, how do you envisage Sovereign Pensions’ involvement in these early stages?
Sovereign Pensions will fully support the project in any way we can. We at Sovereign believe in the concept of an employee benefit cluster and believe it will prove beneficial to our clients, the Island as a whole and to Sovereign Pensions.
What specific areas of expertise will Sovereign Pensions be able to bring to the table?
We have expertise within the Pensions in all areas of employee benefit, but it is probably the area of international pensions where we can bring our greatest degree of expertise.
You present at international and domestic conferences; will those events help to spread the word to the wider business community?
I think there is little doubt that raising the profile of the cluster at international conferences would assist to make the cluster better known within the international business community.