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Isle of Man Insurance and Pensions Authority |
Website: www.gov.im/ipa
The Isle of Man Government Insurance and Pensions Authority is pleased to announce that subsequent to passing the third reading stage in the House of Keys, the Retirement Benefits Schemes Bill 2000 was submitted to the Legislative Council for first reading on 28th March. This hurdle was successfully negotiated under the guidance in the island's upper house, of the Authority's Chairman Norman Radcliffe MLC.
The second reading and clauses stage were successfully dispatched today, the 4th April.
Mr Radcliffe commented that, "the level of support given to this Bill by Members of the Legislative Council is a testament to the effort expended on the design of the legislation and the involvement of the market at all stages of its evolution. This legislation is a valued development which will help to safeguard the interests of Manx pension scheme members and facilitate the development of a new market for international pensions."
The Bill will now enjoy its third reading in the Legislative Council, which is scheduled for 18th April.
Successful negotiation of this stage will result in an application for a grant of Royal Assent. This in effect will mean that the Retirement Benefits Schemes Bill 2000 will become law.
For further information, please contact:
Ian Foster, Pensions Executive
Tel: +44 (0)1624 646000
e-mail: Ifoster@ipa.gov.im