Zurich International has responded to the Pension Freedom Scheme (PFS) with a new range of employee benefits offering what the company claims is greater flexibility to the Isle of Man market.

Zurich, a global life insurer, has been operating in the Isle of Man since 1982.

In that time it has grown in the world of international corporate savings and pension ‘solutions’, looking after 738 companies worldwide and its 86,000 employees, with £3.45 billion in funds under management.

Zurich claims the recent introduction of the PFS has provided the perfect opportunity to offer a range of employee benefit ‘solutions’ tailored for the Isle of Man market.

There’s a group personal pension and an individually arranged self-invested personal pension plan,

Peter Huber, chief executive, said: ‘Increasing life expectancy and shortfalls in retirement savings are key risks for all developed countries, and we are committed to helping businesses and individuals on the island to protect their financial future.

‘We are excited to launch the new Zurich International Personal Pension Scheme. Our new scheme offers flexibility on savings options and the freedom to choose how to fund retirement, both of which can only improve retirement outcomes for island residents.

‘This launch supports our renewed focus on the customer and the local community.

‘Providing choice and tailored solutions for residents underpins our commitment to the communities in which we live and work.’