The Isle of Man Treasury announced that the Retirement Benefits Schemes (Amendment) Bill has completed its third reading in the House of Keys and will now move to the Legislative Council for further scrutiny. The bill would update the pensions regulatory framework, strengthen consumer protection and align the regime with international standards by amending the Retirement Benefits Schemes Act 2000 and bringing pension providers within the scope of the Financial Services Act 2008. Introduced by the Isle of Man Financial Services Authority, the bill also would give greater flexibility in how pension schemes may be established. In comments accompanying the update, Treasury Minister Chris Thomas said the framework is designed to accommodate international pension products offered in jurisdictions where trusts are not recognised, alongside supporting the competitiveness of the Island’s pension services sector. If the bill passes through the branches of Tynwald, the Financial Services Authority will work with industry on secondary legislation and associated guidance during the rest of 2026 and into 2027. The updated framework is scheduled to be implemented towards late 2027 or early 2028.
The Treasury (Isle of Man) 2026-05-05
Isle of Man Treasury advances pensions reform bill to bring pension providers under financial services regulation
The Treasury of the Isle of Man announced that the Retirement Benefits Schemes (Amendment) Bill has completed its third reading in the House of Keys and will move to the Legislative Council. The bill would update the pensions regulatory framework, strengthen consumer protection, align the regime with international standards and bring pension providers within the scope of the Financial Services Act 2008, while allowing greater flexibility in how schemes may be established to support international pension products and the Island’s pension services sector.