UK - The Isle of Man's pension regulatory framework looks set for a major overhaul.
The Isle of Man Insurance and Pensions Authority has launched a consultation on proposals which aims to give extra protection to fund members.
The consultation – which applies to all occupational and personal pension schemes providing benefits to Isle of Man residents regardless of who operates them – is due to end on February 28.
The IPA has also changed the vesting requirements for international pension schemes.
The Retirement Benefits Schemes (Revised Vesting) Regulations 2002, extend the maximum ceiling on vesting arrangements for international pension schemes operating from the Isle of Man from two to seven years.
The effect will be to give schemes the flexibility to mirror home vesting policy or to incorporate stepped or staggered vesting policies.
The new rules will also reinforce the rights of scheme members to receive personal contribution refunds should they leave employment before their benefits vest.
The top stories this week were the High Court's decision to block the £12bn annuity transfer from Prudential to Rothesay Life, and a separate court ruling that 'raises the bar' for pension rectification exercises.
Guaranteed minimum pension (GMP) equalisation has soared to the top of pension schemes' to-do lists, with 58% stating it is a priority project, research from Equiniti has revealed.
Professional Pensions is holding its defined contribution (DC) conference on 4 September.