A Bill designed to strengthen the island’s pension regulation has cleared its final stage in the House of Keys and will now go to the Legislative Council for further scrutiny.
The Retirement Benefits Schemes (Amendment) Bill updates the existing 2000 Act and brings pension providers under the Financial Services Act 2008.
The changes aim to improve consumer protection, align the island with international standards and give greater flexibility in how pension schemes can be set up, supporting the competitiveness of the sector.
Treasury Minister Chris Thomas MHK, who led the Bill through the Keys, said: “Proportionate, risk-based regulation is central to maintaining confidence in the island’s pensions industry.
“I am delighted that the framework the Bill establishes can accommodate international pension products offered in places where trusts are not recognised, potentially supporting further growth of the island’s financial services sector.”
If approved by both branches of Tynwald, the FSA will work with industry on secondary legislation and guidance through 2026 and 2027, with implementation expected in late 2027 or early 2028.
