New Legislation Will Make Isle of Man Attractive for Pension Funds

Andrew Mair, Tax-news.com

04 April 2000

The Isle of Man Government has introduced new legislation designed to make the island a secure and attractive location for the billion dollar pension fund industry.
The Retirement Benefits Schemes Bill received its first reading in the Manx Legislative Council last week, which was passed unanimously. The bill will provide a regulatory framework for the growing international pension funds sector, similar to that of Luxembourg.

According to Normal Radcliffe, who steered the bill, the new law would leave the Isle of Man well positioned to become a leading player in international pension funds.

Mr Radcliffe stressed that the bill contains safeguards to ensure investors' interests are protected while also promoting the growth of a new market. "The bill introduces extensive whistle–blowing facilities which provides a way for suspicions to be reported. It gives us an early warning alarm system," he said.

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