The Insurance and Pensions Authority was originally established as the Insurance Authority in 1986, becoming the IPA in January 1997 following the widening of its remit to include the development and implementation of a supervisory framework for pension schemes. Upon taking responsibility for the supervision of pension schemes the IPA set about conducting an extensive review of the Isle of Man's pension legislation.
Throughout this review the Authority's objective was to provide a regulatory framework that not only encompassed domestic pension schemes available to Isle of Man residents, but also provided a broader framework enabling multi-national or global businesses to use the Isle of Man as a centre from which to manage retirement benefits schemes for employees who may reside anywhere in the world.
In order to address the needs of these two diverse markets the Retirement Benefits Schemes Act 2000 was enacted. This Act established a broad framework catering for all schemes operated in or from the Isle of Man. Under the Act, separate sets of regulations have been introduced catering for international schemes (those being schemes that are managed from the Isle of Man yet do not have any Isle of Man resident members) and domestic schemes providing benefits for Isle of Man residents.
Navigating the Retirement Benefits Schemes Act 2000, and any subordinate legislation
Before accessing any further information regarding the Isle of Man's pensions infrastructure, for ease of reading it is important to note that regulations made under the Retirement Benefits Schemes Act 2000 fall into three broad categories.
- Those that deal solely with international schemes
- Those that deal solely with domestic schemes
- Those that apply equally to international or domestic schemes.
Furthermore within each category the regulations are further broken down into separate sets of statutory documents dealing with matters such as general administration, independent trustees, miscellaneous provisions or fees etc.
Isle of Man international pension arrangements
The international retirement benefits schemes regulations came into operation on the 1st January 2002 and these may be accessed by clicking here.
Isle of Man domestic pension arrangements
A second set of regulations, which cater for Isle of Man domestic retirement benefits schemes took effect from the 1st November 2004, and can be accessed by clicking here.
In addition to legislation made under the Retirement Benefits Schemes Act 2000, legislation concerning the operation and management of domestic pension schemes has historically been made by the Department of Social Care and the Treasury Income Tax Division.
|Terms & Conditions||©2013 Crown Copyright|