Retirement Benefits Schemes (Amendment) Bill

Overview

The purpose of this Consultation Paper is to obtain views in relation to the draft Retirement Benefits Schemes (Amendment) Bill (‘the draft Bill’).

The draft Bill proposes amendments to the Retirement Benefits Schemes Act 2000 (‘RBSA00’), as well as some consequential amendments to the Financial Services Act 2008 (‘FSA08’) and the Insurance Act 2008.

The aim of the proposed amendments is to modernise and strengthen the Isle of Man’s regulatory framework for pension schemes and pension providers to help the Island continue to meet international standards and safeguard its reputation as a well-regulated jurisdiction for financial services.

One of the key changes that the draft Bill would make to the regulatory framework is to update the RBSA00 to reflect the proposal to bring pension providers within the scope of business conduct and prudential regulation under the FSA08 (i.e. provider regulation), whilst the RBSA00 will be retained for the purposes of regulating the schemes (i.e. product regulation). This would support the Authority’s objective of protecting pension consumers by addressing issues with the current framework in relation to the conduct regulation of pension providers.

The Bill also proposes other changes to strengthen the regulatory framework for pensions, for example the introduction of provisions related to defined benefits scheme funding. Whilst other provisions in the draft Bill aim to lay the groundwork for a more proportionate and risk-based regulatory framework.

The Consultation Paper provides further detail on the proposed amendments within the draft Bill and includes a copy of the RBSA00 as it would read amended.

The Isle of Man Financial Services Authority would welcome your views on the draft Bill, and we are asking for comments by 15 August 2025 (please see below for details on how to respond).

Responding to this consultation

The opening date for comments is 4 July 2025.

The closing date for comments is 15 August 2025.

Please send comments in writing and preferably by email to Policy@iomfsa.im or post it to:

Miss Sarah Galovics,
Isle of Man Financial Services Authority,
PO Box 58,
Finch Hill House, Bucks Road,
Douglas,
Isle of Man,
IM99 1DT