The Isle of Man Financial Services Authority has published a consultation paper seeking feedback on proposed legislative changes to enhance the Island’s regulatory framework for pension schemes and pension providers, set out in a draft Retirement Benefits Schemes (Amendment) Bill. The draft Bill would revise the Retirement Benefits Schemes Act 2000 and make consequential amendments to the Financial Services Act 2008 and Insurance Act 2008. The proposals are intended to modernise the current regime, strengthen the Authority’s ability to protect pension consumers and maintain confidence in the finance sector, and support a more proportionate and risk-based approach to supervision. Consultation responses are due by 15 August 2025. The Authority indicated that further consultations will follow on the detailed design of the revised framework, including secondary legislation and related guidance.

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