Legislation & Guidance
Domestic schemes are retirement benefits schemes operated within the Isle of Man for Isle of Man residents (albeit they may also provide benefits for non-Isle of Man residents for the purposes of registration under the Retirement Benefits Schemes Act 2000). As a general rule, domestic schemes must be registered with the Authority as authorised schemes. However, certain UK or Irish schemes that have Isle of Man resident members may be able to register as recognised schemes under the Retirement Benefits Schemes Act 2000. Similarly, other foreign schemes that may only have small numbers of Isle of Man residents may be able to register as permitted schemes.
In addition to legislation made under the Retirement Benefits Schemes Act 2000, certain retirement benefits schemes are also subject to Treasury legislation governing specific aspects of management and administration. Further information regarding Treasury pensions legislation is available on the Treasury Social Security Division page of the Isle of Man Government's website.
The following documents were created by the Authority to assist persons regulated under the Act and other readers. The Authority accepts no liability for the completeness and accuracy of the documents. Original legislation should always be consulted for legal purposes:
These regulations contain the prescribed requirements of the Retirement Benefits Schemes Act 2000 in relation to the registration of private domestic pension schemes and general administrative matters.
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.
This order provides that the United Kingdom shall be a designated country under part 3 of the Retirement Benefits Schemes Act 2000.
This order provides that the Republic of Ireland shall be a designated country under Part 3 of the Retirement Benefits Schemes Act 2000.
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).