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Isle of Man Insurance and Pensions Authority |
Website: www.gov.im/ipa
December 1999
The Isle of Man Insurance and Pensions Authority (IPA) is pleased to announce that the new retirement benefits schemes legislation has reached another key milestone in its development. Following conclusion of a comprehensive process of consultation, the Retirement Benefits Schemes Bill 1999 has now received the necessary Government approvals to enter the formal legislative process. It is expected that the new Bill will be presented to the branches of Tynwald when they reconvene after the Christmas recess on 25 January 2000.
Having progressed the Bill to its current position, the IPA is now focussing its efforts on the attendant regulations. It is anticipated that consultation on the regulations will commence in the early spring of 2000.
The IPA views consultation with the marketplace as an important part of its legislative developments. In this regard, the Authority is grateful to all those who participated in the extensive and thorough consultation process on the Retirement Benefits Schemes Bill.
The legislation has two aims.
The first is the protection of Isle of Man domestic scheme members, both personal and occupational. The second is to encourage the domiciliation of international retirement benefits schemes on the Island. This will build on the Island's undoubted expertise in the market for international financial services and help to diversify further the Island's financial services sector.
From an international perspective, the Isle of Man is already providing insurance based solutions to individuals and corporate entities through its highly successful life and captive insurance sectors. The Island's product providers understand the needs of these markets and are placed ideally to expand their product offerings further into the market for retirement provision.
Norman Radcliffe, MLC, the IPA's Chairman commented, "I am delighted that the Retirement Benefits Schemes Bill has passed this latest milestone. That it has, is recognition of the effort that has been made by the IPA, its executive, and the Isle of Man marketplace to produce legislation that will place the Isle of Man at the forefront of the market for international retirement provision and provide a platform for significant commercial opportunity."
To view or download the latest draft of the Retirement Benefits Schemes Bill 1999 please refer to the links below. In this context, it is expected that the 'Green Paper' will be published in early January.
Retirement Benefits Schemes Bill Explanatory Memorandum (19KB)
Retirement Benefits Schemes Bill (121KB)
To view 'Adobe Acrobat' files you will need Adobe Acrobat or the Adobe Acrobat viewer.
For further information please contact:
Ian Foster, Pensions Executive, Isle of Man Insurance and Pensions Authority
Tel + 44 (0) 1624 646000
Fax + 44 (0) 1624 646001
E-mail ifoster@ipa.gov.im
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