International Schemes
The Retirement Benefits (International Schemes) Regulations 2001, which took effect from January 2002, established an infrastructure concerned with the management and administration of international retirement benefits schemes under the Retirement Benefits Schemes Act 2000.
The key objectives of the international framework
The Isle of Man's international retirement benefits schemes legislation establishes a sound governance template for international schemes, with the objective of encouraging international businesses with globally mobile employees to base their schemes in the Isle of Man.
The legislation provides a solid foundation for international retirement planning by ensuring that schemes are operated by appropriately licensed professionals, that they adopt strong internal governance, and that certain member rights are enshrined in law. However, the legislation also includes substantial flexibility regarding specific benefit design, leaving scheme designers free to develop a bespoke benefit structure that can be fully adapted to suit an international businesses' specific objectives, or to incorporate multi-jurisdictional requirements.
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