Legislation

The items on the menu bar to the right concern different aspects of the regulation of retirement benefits schemes operating in or from the Isle of Man. This legislation establishes the basis upon which the Isle of Man Financial Services Authority ("the Authority") regulates the management of retirement benefits schemes, and operates alongside the pensions legislation managed by the Treasury.

For ease of reading it is important to note that secondary legislation made under the Retirement Benefits Schemes Act 2000 falls into three categories:

  • That which deals solely with international schemes;
  • That which deals solely with domestic schemes; and
  • That which is general in nature.

Furthermore, within each category the legislation is sub-categorised and makes provision for matters such as general administration, independent trustees, miscellaneous provisions or fees, etc.

Amendments

Where legislation has been amended, the PDF file below reflects the text as amended. Anyone who requires a copy of the original or the amending Orders or Regulations should contact the Authority

Primary Legislation

The Retirement Benefits Schemes Act 2000 (“the Act”) confers on the Authority its position as an independent regulatory body governing certain aspects of the operation and management of retirement benefits schemes in or from the Isle of Man. It also sets out various conditions that must be complied with before a scheme may operate in or from the Isle of Man. The PDF file below is the internet version of the Act and has been prepared to reflect the text as made and as subsequently amended. 

Retirement Benefits Schemes Act 2000

Retirement Benefits Schemes Act 2000 (Appointed Day) (No. 1) Order 2001

Retirement Benefits Schemes Act 2000 (Appointed Day) (No. 2) Order 2001

Retirement Benefits Schemes Act 2000 (Appointed Day) (No. 3) Order 2004

These documents were created by the Authority to assist persons regulated under the Act and other readers. The Authority accepts no liability for their completeness and accuracy; original legislation should always be consulted for legal purposes.

Secondary Legislation

Please note that 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.

International schemes

The Retirement Benefits Schemes (International Schemes) Regulations 2001

These regulations prescribe the requirements of the Retirement Benefits Schemes Act 2000 in respect of the registration and management of international retirement benefits schemes.

Domestic schemes

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 private 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).

General provisions

The following legislation, in conjunction with the Act, concerns the general management of retirement benefits schemes. It is general in nature and applies equally to international and domestic schemes and their Administrators.

The Retirement Benefits Schemes (Miscellaneous Amendments) Regulations 2014

These regulations deal with amendments to regulations associated with both domestic and international retirement benefits schemes.

The Retirement Benefits Schemes (Miscellaneous Amendments) Regulations 2015

These regulations deal with amendments to regulations associated with both domestic and international retirement benefits schemes.

The Retirement Benefits Schemes (Management and Miscellaneous Provisions) Regulations 2001

These regulations deal with general management and other provisions associated with both domestic and international retirement benefits schemes.

The Registered Schemes Administrators (Fees) Order 2018

This order specifies the fees associated with the application for registration and continued registration of a registered schemes administrator under the Retirement Benefits Schemes Act 2000.

The Retirement Benefits Schemes (Independent and Nominated Trustee Requirement) Regulations 2004

These regulations define various matters regarding the appointment of independent trustees.

The Retirement Benefits Schemes (General Register) Regulations 2004

These regulations prescribe the information that will be contained within the general register of schemes. This register forms the basis for the pension tracing service that is offered by the Authority.

Excepted Schemes

The Retirement Benefits Schemes (Excepted Schemes) Regulations 2001

These regulations make provision for the exclusion of certain statutory and insured pension arrangements from the requirements of the Retirement Benefits Schemes Act 2000.

Additional Pension Legislation

In addition to legislation made under the Retirement Benefits Schemes Act 2000, the operation and management of private occupational and personal pension schemes is also governed by legislation made by the Treasury Social Security Division and the Treasury Income Tax Division.  Guidance on contribution payments to tax approved pension schemes is also available from the Income Tax Division of Treasury.