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 new 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.

Guidance on registration under the Retirement Benefits Schemes Act 2000

To assist those seeking registration under the new domestic framework, the Authority has prepared a leaflet of guidance notes in flowchart format. This leaflet is intended to provide general guidance on the registration requirements. If you are in doubt about any aspect of the registration process, or of any aspects regarding compliance with the Act or any subordinate legislation, please do not hesitate to contact us.

To download a PDF copy of this leaflet please click on the link in the table below.

Keeping up to date

If you would like to be kept up to date with any aspect of this legislation, or would like to receive information regarding any future legislation released for consultation please click here.

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