Isle of Man Financial Services Authority publishes Pensions Bill feedback and confirms revised legislation will go to Tynwald in March

The Isle of Man Financial Services Authority published a Feedback Statement on submissions to its consultation on the Retirement Benefits Schemes (Amendment) Bill, setting out post-consultation changes and the next steps in modernising the Island’s pensions regulatory framework. Feedback from pension service providers, insurers and law firms led to revisions to the draft Bill, which is intended to provide the foundations for a more effective, risk-based regulatory approach, including a licensing regime for pension providers. Further detail is to be developed through secondary legislation and a separate consultation, covering areas such as licensing and enabling powers for exemptions, a defined benefits funding regime, regulatory safeguards and governance requirements. The revised Bill, which would update the Retirement Benefits Schemes Act 2000 and make consequential amendments to the Financial Services Act 2008 and Insurance Act 2008, is scheduled to be introduced into the branches of Tynwald in March, with new provisions proposed to take effect on a phased basis subject to Tynwald approval. The Authority also expects to publish a Feedback Statement and revised Financial Services (Miscellaneous Provisions) Bill and set out next steps at the beginning of March.