Isle of Man Insurance and Pensions Authority

Website: www.gov.im/ipa

4 February 2000

* NEWS RELEASE *

Isle of Man Retirement Benefits Schemes Bill Passes Second Reading

The Isle of Man Insurance and Pensions Authority (IPA) is pleased to announce that the Retirement Benefits Schemes Bill 2000 has succeeded in passing its second reading stage in the House of Keys. The Bill passed its first reading stage on 25 January 2000.

Members of the House of Keys (MHKs) gave unanimous support to the second reading stage that encompassed a general overview of the Bill, the principles concerning its objectives and the economic effects and opportunities the Bill creates.

From a domestic perspective, the new Bill aims to provide a system for the protection of members of Isle of Man pensions schemes.

In addition, the Insurance and Pensions Authority, along with the Island's financial services sector, has recognised for some time the need for multinational employers and the internationally mobile individual to plan adequately for retirement provision. The progress of the Retirement Benefits Schemes Bill 2000 brings closer the opportunity for individuals and large multinational entities to base their retirement schemes in the secure and stable infrastructure of the Isle of Man with its wealth of experience in the market for international financial services. This, along with the Island's acknowledged sound regulatory environment, makes the Isle of Man an ideal jurisdiction in which to base such an important piece of the financial planning jigsaw.

The third reading of the Bill, which is scheduled to commence on 8 February, will discuss the detail of the clauses.

Commenting on this latest development Mr Norman Radcliffe, MLC, Chairman of the IPA said, "I am delighted that the Retirement Benefits Schemes Bill 2000 has passed successfully this latest stage in its approval process. The Island's MHKs recognise the importance of the Bill to protect the Isle of Man domestic market and to ensure the continued diversification of the Island's financial services sector by extending its product range into secure and well regulated retirement provision for the mobile international employee."

The latest draft of the Retirement Benefits Schemes Bill 2000 can be viewed on the Isle of Man Government Information Centre website at www.gov.im/infocentre

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