Retirement Benefit Schemes
The objective of the Insurance and Pensions Authority (IPA) has been to provide a regulatory framework which not only encompasses domestic pension arrangements available to Isle of Man residents, but also provides a broader framework enabling multinational or global businesses to use the Isle of Man as a centre from which to manage retirement benefit schemes for their employees who may reside anywhere in the world.
In order to meet the needs of these two diverse markets the Retirement Benefit Schemes Act 2000 was enacted, and it is planned that this will be supplemented by two subsidiary sets of Regulations - one covering International Schemes and one dealing with the Local Market.
The first of these regulations came into operation on the 1st January 2002 covering International Schemes. The second set of regulations, which will cover domestic schemes, is being prepared, and will be issued as a series of consultation documents.
Retirement Benefit Schemes Act
Sections of the Act include:
- Promotion of Retirement Benefit Schemes
- Authorised Retirement Benefit Schemes
- Schemes from Other Jurisdictions
- General Register of Schemes
- Powers of Supervision
- Retirement Benefit Scheme Administrators
- Retirement Benefit Schemes Act 2000 (340kb PDF)
- International Schemes Regulations 2001 (128kb PDF)
Pensions
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The International Regulations
Read the IPA's Marketing Executive Mike Lightfoot's paper on the regulations.