Regulatory Alerts2004-01-01
Retirement Benefits Schemes (Independent and Nominated Trustee Requirement) Regulations 2004
The Treasury of the Isle of Man issued these Regulations to define the independence requirements for trustees of occupational retirement benefit schemes under the Retirement Benefits Schemes Act 2000. The rules mandate that trustees must be independent of the scheme employer, establishing specific criteria for individuals and companies, including a nomination and election process involving eligible members to ensure impartiality. The Regulations also outline specific exceptions where the independence requirement does not apply, such as for schemes where all members are trustees or for small schemes established prior to May 2005.
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