The Isle of Man Insurance and Pensions Authority (IPA) has succeeded in pushing its new retirement be...
Following a lengthy consultation process, it is expected that the bill will be presented to the Isle of Man government after 25 January 2000 when the Tynwald resumes following the Christmas recess.
The bill has two broad objectives - to increase protection for members of domestic retirements benefits schemes and to encourage international schemes to migrate to the island.
If it is passed, schemes will have to be authorised so as to avoid harsh marketing restrictions. It does not specify the regulation of these schemes. Instead, the Treasury is given powers to make detailed regulation regarding the management, accounting, officers, records, receipt of payments and so on. Consultation on these regulations should start in early spring.
The latest draft of the bill is on the Isle of Man government website and the Green Paper will be made available there when it is finished in January.
Norman Radcliffe, chairman at the IPA, said: "That the Retirement Benefits Schemes Bill has passed this latest milestone is recognition of the effort that has been made by the IPA, its executive and the Isle of Man market place that will provide a platform for significant commercial opportunity."
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From June 2019