Recent announcements about Standard Life's launch of an open-architecture contract and Legal and General's launch of a new international life company, based in Ireland by end of the year, herald major changes to the current offshore landscape.
These development coincide with record levels of offshore bonds sold into the over £7bn last year (source ABI). They also serve to challenge the view that offshore is a niche product and that providers are smaller companies trading from badly regulated jurisdictions. Is it really a niche market? If it is, it is obviously a large niche! Offshore life bonds meet some important end-customer needs. These include helping with inheritance tax planning, retirement planning (where individuals or companies are either unwilling or unable to contribute into pension plans), planning for the ever-incr...
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