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.
The Isle of Man: A highly suitable location for international retirement planning
In addition to the regulatory framework those looking to establish an international retirement benefits scheme in the Isle of Man may also wish to consider the following:
- The Isle of Man is rated AAA by both Moody's and Standard and Poors
- The Island is politically stable having the oldest continuous democratically elected Parliament in the world
- Strong investor protection is in operation with compensation schemes covering the insurance, banking and investment sectors.
All these factors reinforce the Isle of Man's status as a secure, stable, and well regulated jurisdiction that is highly suited to international retirement planning.
If you would like to know more about the international retirement benefits framework please click here to download a brochure.
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