Regulatory Alerts2004-01-01
Retirement Benefits Schemes (Permitted Schemes) Regulations 2004
The Treasury of the Isle of Man issued these regulations to establish a framework for registering retirement benefits schemes as permitted schemes under the Retirement Benefits Schemes Act 2000. The rules define strict eligibility criteria, including residency limits for members and trustees, and mandate the appointment of an authorized person to accept legal process on behalf of non-resident trustees. Furthermore, the regulations require trustees to provide specific information to resident members and submit annual returns, while granting the Financial Services Authority the power to revoke registration for non-compliance.
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