News
-
Simcocks builds new links with South Africa
Simcocks Pensions is to provide a world-wide scheme after winning a new contract in South Africa.
The Douglas-based company will operate and manage an International Corporate Pension scheme for Sandvik Mining and Construction.
The South African company, based in Johannesburg, is a leading provider of products for mineral exploration, underground and surface mining, quarrying, tunnelling and demolition. It has more than 10,000 employees and operates in 130 countries including Chile, Malaysia, Zambia and Tanzania.
Tim Boles, managing director of Simcocks Pensions said: “We are delighted to have won this prestigious contract and are looking forward to working in partnership with Sandvik and developing bespoke solutions on its behalf.
“We are able to offer a pension scheme that is unique, in a currency of choice, in an AAA rated jurisdiction and where there is no tax taken by the local Government.”
Financial director of Sandvik Mining and Construction, George Filen said: “We are delighted to be a client of Simcocks Pensions for the provision and administration of our Provident Pension Scheme for our employees around the world.”
Mr Boles believes legislation in the Isle of Man has allowed pension scheme designers such as Simcocks to build a growing reputation and expertise in their field.
Mr Boles added: “Companies who regularly send their employees overseas or those managing overseas subsidiaries are faced with a wide range of difficulties when it comes to putting suitable retirement schemes in place for their employees. It is undoubtedly an enormous market and quite possible the next economic driving force for the Island.”
