Two Isle of Man pension service providers have merged.

Athol Street-based iPlan Retirement Solutions Limited has acquired fellow Douglas business Equilibrium Pensions Limited.

iPlan managing director Brian Bodell said: ‘We are thrilled to welcome the team at EPL to the iPlan family, this acquisition unites two highly complementary businesses.

‘By bringing two dedicated teams and a suite of complementary products together which perfectly align with our commitment to providing best-in-class retirement solutions, we are able to provide broader expertise to clients, enabling both employers and individuals to design and manage their retirement plans to their needs.’

A spokesperson for the firm says this strategic move will offer clients:

Enhanced flexibility: Clients will benefit from a broader selection of services to design and manage their retirement plans.

Deeper industry expertise: The combined team brings a wealth of knowledge and experience to navigate the ever-changing pension landscape.

Unparalleled service: iPlan is committed to maintaining the exceptional service clients have come to expect from both companies.

iPlan, which was established in 2009, is a respected innovator in employer pension provision known for its excellent client service, can-do attitude, and user-friendly technology.

Specialising in international pension plans for multinational employers, iPlan quickly became a key partner to its clients by making technology a cornerstone of its offerings.

The company provides a fully interactive website and accompanying smartphone apps, allowing clients and their employees to manage their plans online.

EPL has more than 20 years’ experience in the pension industry and serves a diverse clientele providing retirement solutions.

Mr Bodell added: ‘Both businesses are long established, and from their origins have been built on excellent client service, integrity and understanding.’

The integration of the businesses will begin in the coming weeks and initially focus of the back-office functions and business administration.

A spokesperson for iPlan added that clients can expect a seamless transition and will continue to deal with the team they are familiar with and can be ‘assured of the new management’s continued commitment to the highest standards of service and support’.