Regulations and Guidance - Pensions
Domestic Schemes
Domestic schemes are retirement benefits schemes operated within the Isle of Man for Manx residents. All such schemes are required to be registered with the Authority as authorised schemes. UK or Eire schemes that have Manx resident members may however be able to register as 'recognised' schemes under the Retirement Benefits Schemes Act 2000. Other foreign schemes that may only have small numbers of Isle of Man residents may also be able to register as 'permitted' schemes.
Please note that registration with the IPA is separate to the process to obtaining tax approval from the Assessor of Income Tax.
The domestic pensions framework
Legislation dealing with domestic schemes came into full effect on 1st May 2005. The legislation that makes up the domestic framework is:
The Retirement Benefits Schemes (Domestic Schemes) (General Administration) Regulations 2004
These regulations contain the prescribed requirements of the Retirement Benefits Schemes Act 2000 in relation to the registration of domestic pension schemes and general administrative matters.
The Retirement Benefits Schemes (Recognised Schemes) Regulations 2004
These regulations are made under Part 3 of the Retirement Benefits Schemes Act 2000 and make provision for the registration of foreign schemes which have Isle of Man resident members but only where adequate protection is afforded under the foreign country's pension legislation, and where an order has been made by Treasury designating a particular territory as a recognised territory.
The Retirement Benefits Schemes (Recognised Schemes) (United Kingdom) Order 2004
This order provides that the United Kingdom shall be a designated country under part 3 of the Retirement Benefits Schemes Act 2000.
The Retirement Benefits Schemes (Recognised Schemes) (Republic of Ireland) Order 2004
This order provides that the Republic of Ireland shall be a designated country under Part 3 of the Retirement Benefits Schemes Act 2000.
The Retirement Benefits Schemes (Permitted Schemes) Regulations 2004
These regulations are separate to the recognised schemes regulations and also make provision for the registration of certain foreign schemes which have Isle of Man resident members. Permitted schemes are not subject to any assessment regarding adequate regulatory protection, but permitted schemes may only have a very small number of Isle of Man resident members (no more than 5 individual members, and no more than 10% of the total scheme membership).
The Retirement Benefits Schemes (Independent and Nominated Trustee Requirement) Regulations 2004
These regulations define various matters regarding the appointment of independent trustees.
To download a PDF copy of the regulations please click on the link in the table below.
To download these documents you will need the Adobe Acrobat Reader. This is available free of charge from Adobe by using the following link:
| Title | File Size | Format |
|---|---|---|
| The Retirement Benefits Schemes (Domestic Schemes) (General Administration) Regulations 2004 | (246 kb) | Acrobat PDF File |
| Domestic Permitted Schemes Regs | (72 kb) | Acrobat PDF File |
| Domestic Recognised Republic of Ireland Order | (45 kb) | Acrobat PDF File |
| Domestic Recognised Schemes Regulations | (53 kb) | Acrobat PDF File |
| Domestic Recognised UK Order | (46 kb) | Acrobat PDF File |
| Independent & Nominated Trustee Regulations | (59 kb) | Acrobat PDF File |
| The (Appointed Day) (No. 3) Order | (58 kb) | Acrobat PDF File |
| Guidance Chart | (385 kb) | Acrobat PDF File |
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