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Isle of Man Insurance and Pensions Authority |
Website: www.gov.im/ipa
New Bill proposes comprehensive regulatory framework for domestic and international pensions.
The Isle of Man Insurance and Pensions Authority (IPA) has reached a key milestone in the development of its pensions initiative.
The IPA has entered the final consultation process prior to submitting the Retirement Benefits Schemes Bill 1999 to the Island's Legislature for approval. In this respect the IPA is on track to present the Bill in accordance with its stated target of the current session.
The Bill proposes a new regulatory framework for pensions, both locally for domestic schemes on the Island and in addition for international arrangements managed from the Island.
The proposed legislation has two main objectives. The first is the protection of monies invested in pension funds for the benefit of Manx residents. The second is the creation of a new market for international pensions thereby diversifying further still the financial industry in the Island.
The fundamental driving force behind this new legislation is the growing awareness of the need for private pension provision in the context of a population which is living longer than ever, has higher expectations and the pressure being brought to bear on Governments by unsustainability of many of the state schemes.
The IPA is already responsible for the regulation of the Island's successful insurance industry. The introduction of the new Bill will ensure that retirement schemes receive the same quality of regulation.
Under the provisions of the Bill, the IPA will authorise schemes, scheme trustees and professional advisers and actively monitor schemes to ensure compliance. Scheme trustees will be required to submit on a regular basis scheme accounts, actuarial valuations and a statement of investment principle. The authority believes that if persons involved in the management of schemes are of the highest quality then the highest quality of administration and service will follow.
The IPA will also act as the registrar of retirement benefit schemes.
Certain functions previously carried out by the Income Tax Division and the Department of Health and Social Security will fall within the remit of the IPA thereby creating a "one stop shop" for pensions. This approach will manifest itself in a clear and consistent communication of policy and simple cost effective resolution of problems.
Ian Foster, Pensions Executive of the IPA, commented "The creation of dedicated retirement scheme legislation, within the security of a respected and well regulated international financial centre such as the Isle of Man, will provide the platform for significant commercial opportunity for the Island's financial services industry."
Consultation Packs are available from the IPA at:
Isle of Man Government
Insurance and Pensions Authority
HSBC House
Ridgeway Street
Douglas
Isle of Man
British Isles
IM1 1ER
Or download the pdf versions here:
THE RETIREMENT BENEFITS SCHEMES BILL 1999 - Draft Provisions
THE RETIREMENT BENEFITS SCHEMES BILL 1999 - Consultative Document
Tel: + (0) 1624 646000
Fax: + (0) 1624 646001
E-mail: ipa.admin@ipa.gov.im
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