A new Towers Watson survey multinational has found that 33 new International Pension Plans were established in 2012. This brings the total number of IPPs managed by the responding employers to 403.

The International Pension Plan survey, now in its fifth year, alsofound that IPPs are being developed within multi-country pension frameworks, including Pan-European structures, known as Institutions for Occupational Retirement Provision.

"The growth of the IPP market is mainly driven by more companies offering IPPs for international or expatriate employees to either 'top up' or replace home country retirement plans," said Michael Brough, senior consultant at Towers Watson. "We also see more multinationals extending the eligibility of existing IPPs to allow local workforces to join the IPP, where possible. This illustrates the continuing trend for these vehicles to be set up where local alternative arrangements are inadequate or absent."