Retirement Benefits Schemes Act 2000

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AT 14 of 2000

RETIREMENT BENEFITS SCHEMES ACT

2000

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RETIREMENT BENEFITS SCHEMES ACT 2000

Index Section Page

PART 1 – PROMOTION OF RETIREMENT BENEFITS SCHEMES 7

1 Restrictions on promotion ............................................................................................. 7
PART 2 – AUTHORISED RETIREMENT BENEFITS SCHEMES 8

Authorisation 8

2 Applications for authorisation ...................................................................................... 8
3 Authorisation .................................................................................................................. 9
4 Revocation of authorisation ........................................................................................ 10
5 Representations against revocation ............................................................................ 11
Constitution, officers, accounts, funding, etc. 12

6 Constitution and management ................................................................................... 12
7 Technical funding requirement .................................................................................. 14
8 Valuation and certification of assets and liabilities.................................................. 14
9 Schedules of contributions .......................................................................................... 15
10 Determination of contributions: supplementary ...................................................... 17
11 Schedule of payments to certain schemes ................................................................. 17
12 Schedules of payments: supplementary .................................................................... 18
13 Serious underprovision ................................................................................................ 19
14 Serious overprovision .................................................................................................. 20
15 Annual accounts ........................................................................................................... 20
16 Publication of scheme particulars .............................................................................. 21
17 Professional advisers .................................................................................................... 22
18 Alteration of schemes and changes of trustee, administrator and
professional advisers .................................................................................................... 22
19 Directors, controllers, etc ............................................................................................. 23
20 Avoidance of exclusion clauses .................................................................................. 24
PART 3 – SCHEMES FROM OTHER JURISDICTIONS 25

21 Schemes authorised, etc in designated countries ..................................................... 25
22 Revocation of recognised status ................................................................................. 25
23 Facilities, information and assets in the Island ......................................................... 26
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PART 4 – GENERAL REGISTER OF SCHEMES 27

24 Registration of retirement benefits schemes ............................................................. 27
PART 5 – POWERS OF SUPERVISION, INVESTIGATION,

INTERVENTION, ETC. 28

25 [Repealed] ...................................................................................................................... 28
26 Inspection and investigation ....................................................................................... 28
27 and 28 [Repealed] ......................................................................................................... 29
29 Injunctions ..................................................................................................................... 29
30 Restitution ..................................................................................................................... 29
31 Directions ....................................................................................................................... 30
32 Notice of directions ...................................................................................................... 32
33 Removal of trustee, administrator, etc ...................................................................... 32
34 Appointment of inspector ........................................................................................... 33
35 Powers exercisable in aid of income tax and pension scheme functions ............. 34
PART 6 – RETIREMENT BENEFITS SCHEME ADMINISTRATORS 34

36 Register of scheme administrators ............................................................................. 34
PART 7 – MISCELLANEOUS 36

37 [Repealed] ...................................................................................................................... 36
37A Regulatory objectives ................................................................................................... 36
38 Appeals to the Retirement Benefits Schemes Tribunal ........................................... 36
39 Retirement Benefits Schemes Ombudsman .............................................................. 37
40 [Repealed] ...................................................................................................................... 37
41 Blowing the whistle...................................................................................................... 37
Information, etc. 39

42 Publication of information and advice ...................................................................... 39
43 Restrictions on disclosure of information ................................................................. 39
44 [Repealed] ...................................................................................................................... 39
PART 8 – SUPPLEMENTAL 39

45 Public registers .............................................................................................................. 39
46 False and misleading statements ............................................................................... 40
47 Defence in criminal proceedings ................................................................................ 40
48 Criminal penalties ........................................................................................................ 40
49 Offences by bodies corporate ..................................................................................... 40
50 Civil penalties ............................................................................................................... 41
51 Regulations and orders ................................................................................................ 42
52 Financial provision ....................................................................................................... 43
53 Principal terms defined ............................................................................................... 44
54 Interpretation - general ................................................................................................ 44
55 Amendments and repeals ........................................................................................... 46
56 Short title and commencement ................................................................................... 46
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SCHEDULE 1 47

SCHEDULE 2 47

AMENDMENT OF ENACTMENTS 47
SCHEDULE 3 47

REPEAL OF ENACTMENTS 47
ENDNOTES 49

TABLE OF LEGISLATION HISTORY 49
TABLE OF RENUMBERED PROVISIONS 49
TABLE OF ENDNOTE REFERENCES 49

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c i e
RETIREMENT BENEFITS SCHEMES ACT 2000

Received Royal Assent: 17 October 2000
Passed: 17 October 2000
Commenced: See endnotes
AN ACT
to make new provision for the registration, authorisation, recognition,
regulation and supervision of certain retirement benefits schemes and for
connected purposes.
PART 1 – PROMOTION OF RETIREMENT BENEFITS SCHEMES

1 Restrictions on promotion

(1) Subject to subsections (4) and (6) no person shall —
(a) issue or cause to be issued any advertisement inviting persons in
or resident in the Island to become or offer to become members of
a retirement benefits scheme (in this Act referred to as a
“scheme
”) or containing information calculated to lead directly or
indirectly to those persons becoming or offering to become
members of a scheme; or
(b) advise or procure any person in or resident in the Island to
become or offer to become a member of a scheme,
unless the scheme is an authorised scheme or a recognised scheme under
this Act.
(2) Subject to subsections (4) and (6) no person shall, in or from the
Island, —
(a) issue or cause to be issued any advertisement inviting persons
outside the Island to become or offer to become members of a
scheme or containing information calculated to lead directly or
indirectly to those persons becoming or offering to become
members of a scheme; or
(b) advise or procure any person outside the Island to become or
offer to become a member of a scheme,
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unless the scheme is an authorised scheme under this Act.
(3) No person in or from within the Island shall —
(a) act, by way of business, as the trustee;
(b) take or receive contributions for the fund,
of a scheme unless the scheme is an authorised scheme or a recognised
scheme under this Act.1

(4) Subsections (1)(a) and (2)(a) shall not apply if the advertisement is issued
to such other person as may be prescribed in regulations made by the
Treasury.
(5) Any person who contravenes subsection (1), (2) or (3) is guilty of an
offence.
(6) The Treasury may by regulations make provision for exempting from
subsection (1), (2) or (3) schemes of such descriptions as are specified in
the regulations.
(7) Regulations under subsection (6) may contain such supplementary and
transitional provisions as the Treasury thinks necessary and may also
contain provisions imposing obligations or liabilities on the trustee and
administrator of an exempted scheme, including, to such extent as it
thinks appropriate provisions for purposes corresponding to those for
which provision can be made under sections 6 and 16 in relation to
authorised schemes.
PART 2 – AUTHORISED RETIREMENT BENEFITS SCHEMES

Authorisation
2 Applications for authorisation

(1) Any application for the registration of a scheme as an authorised scheme
for the purposes of this Act shall be made by the trustee of the scheme.
(2) Any such application —
(a) shall be made in such manner as the Authority may direct;2

(b) shall contain or be accompanied by such information as the
Authority may require for the purpose of determining the
application; and3

(c) shall be accompanied by such fee as may be prescribed.
(3) At any time after receiving an application and before determining it the
Authority may require the applicant to furnish additional information.4

(4) The directions and requirements given or imposed under subsections (2)
and (3) may differ as between different applications.
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(5) Any information to be furnished to the Authority under this section
shall, if the Authority so requires, be in such form or verified in such
manner as the Authority may specify.5

3 Authorisation

(1) The Authority may on an application duly made in accordance with
section 2 and after being furnished with all such information as the
Authority may require under that section, register a scheme as an
authorised scheme for the purposes of this Act if —
(a) it appears to the Authority that the scheme complies with the
requirements of regulations under section 6 and that the following
provisions of this section are satisfied; and
(b) the Authority has been furnished with a copy of the documents
constituting the scheme.6

(2) A scheme is not qualified to be registered as an authorised scheme if it is
of such class or description of scheme as is excluded from registration by
regulations.
(3) A scheme may be registered as an authorised scheme subject to such
conditions as the Authority thinks fit, and the Authority may
subsequently —
(a) make such authorisation subject to new conditions; or
(b) vary or revoke any existing condition.7

(4) The administrator of an authorised scheme must be a registered schemes
administrator or a person who is exempt from registration under
section 36(1)(b).
(5) The name of the scheme must not be undesirable or misleading.
(6) Any person who contravenes any condition imposed under
subsection (3) shall be guilty of an offence.
(7) A scheme is not qualified to be registered as an authorised scheme if —
(a) the constitutional documents of the scheme do not irrevocably
provide for the trustee to hold all the property of the scheme in
trust for the beneficiaries of the scheme in accordance with the
provisions of those documents;
(b) the Authority is not satisfied that the trustee is a fit and proper
person to undertake his functions;8

(c) the trustees are all individuals and there are less than two of
them;9

(d) either the trustee or administrator is prohibited from acting as
trustee or administrator of a scheme in the Island or a similar
financial product elsewhere;
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(e) the scheme is an occupational scheme no trustee of which is
independent of the employer of the member and regulations may
make provision with respect to the circumstances in which a
trustee shall or shall not be treated as being independent for the
purposes of this paragraph;10

(f) a majority of the trustees (if more than one) of the scheme do not
carry on business in and from within the Island except where a
registered schemes administrator is responsible for the
administration of the scheme;
(g) the scheme or its trustee or administrator do not comply with any
requirements prescribed for the purposes of this paragraph.
(8) An occupational scheme is not qualified to be an authorised
scheme unless —
(a) the scheme is bona fide established for the sole purpose of
providing relevant benefits in respect of service as an employee,
being benefits payable to, or to the surviving spouse or surviving
civil partner, children or dependants or personal representatives
of, the employee;11

(b) the scheme is recognised by the employer and the employees to
whom it relates, and that every employee who is, or has a right to
be, a member of the scheme has been given written particulars of
all essential features of the scheme which concern him;
(c) the employer is a contributor to the scheme;
(d) the constitutional documents of the scheme do not in any
circumstances permit, whether during the subsistence of the
scheme or later, the repayment of an employee’s contributions
under the scheme other than as permitted by regulations.
(9) A scheme may be registered as an authorised scheme under this Act
notwithstanding that all the members or a significant proportion of them
are outside the Island.
(10) Where the Authority refuses an application for registration as an
authorised scheme or exercises its power under subsection (3), the
Authority shall do so by giving the applicant written notice stating the
reasons for the decision.12

4 Revocation of authorisation

(1) The Authority may revoke the registration of an authorised scheme if it
appears to the Authority —
(a) that any of the requirements for registration are no longer
satisfied;
(b) that it is undesirable in the interests of the members or potential
members that the scheme should continue to be authorised; or
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(c) without prejudice to paragraph (b), that the trustee or
administrator of the scheme has contravened any provision of —
(i) this Act; or
(ii) the Insurance Act 2008; or13

(iii) the Financial Services Act 2008;14

(iv) and (v) [Repealed]15

(vi) any rules, regulations or code made under any of those
Acts or, in purported compliance with any such provision,
has furnished the Authority with false, inaccurate or
misleading information; or16

(d) that the trustee or administrator of the scheme has contravened
any condition, prohibition or requirement imposed under the
Acts specified in paragraph (c)(i) to (v).17

(2) For the purposes of subsection (1)(b), the Authority may take into
account any matter relating to the scheme, the trustee or administrator, a
director or controller of the trustee or administrator or any person
employed by or associated with the trustee or administrator in
connection with the scheme.18

(3) The Authority may revoke the registration of an authorised scheme at
the request of the trustee or administrator of the scheme.19

(4) The Authority may refuse a request under subsection (3) if the Authority
considers that any matter concerning the scheme should be investigated
as a preliminary to a decision on the question whether the registration
should be revoked or that revocation would not be in the interests of the
members.20

(5) In any case in which registration has been revoked under this section, the
provisions of sections 6 to 20 shall continue to apply to the scheme in the
same manner as they apply to an authorised scheme.
5 Representations against revocation

(1) Where the Authority proposes to revoke a registration under section 4
otherwise than at the request of the trustee or administrator of the
scheme, the Authority shall give the trustee and administrator of the
scheme written notice of its intention to do so, stating the reasons for
which the Authority proposes to act and giving particulars of the rights
conferred by subsection (2).21

(2) A person on whom a notice is served under subsection (1) may within 21
days of the date of service, make written representations to the Authority
and, if desired, oral representations to the Authority.22

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(3) The Authority shall have regard to any representations made in
accordance with subsection (2) in determining whether to revoke the
registration.23

Constitution, officers, accounts, funding, etc.
6 Constitution and management

(1) The Treasury may make regulations as to —
(a) the constitution and management of authorised schemes;
(b) the trustee, administrator, auditor, actuary and investment
manager of any such scheme;
(c) the powers and duties of the trustee, administrator or the
participating, or previously participating, employer of such a
scheme;24

(d) the rights and obligations of the members of any such scheme;
(e) the annual accounts of such a scheme fund, and the statements,
reports and information to be annexed to such accounts.
(2) Without prejudice to the generality of subsection (1), regulations under
this section may make provision —
(a) as to the management and valuation of the assets and obligations
of the scheme;
(b) as to the expenses of the scheme and the means of meeting them;
(c) for the qualifications and experience, appointment, resignation,
removal, powers and duties of the trustee and administrator of
the scheme;
(d) for the qualifications and experience, appointment, resignation,
removal, powers and duties of an actuary, auditor and investment
manager for the scheme (in this Act referred to collectively as
“professional advisers
”);
(e) for restricting or regulating the investment and borrowing powers
exercisable in relation to the scheme;
(f) requiring the keeping and maintenance of records with respect to
the transactions and financial position of the scheme and for the
keeping of records on the Island and for the inspection of records;
(g) requiring the preparation of periodical reports with respect to the
scheme by the trustee, administrator or professional advisers, as
the case may be, of the retirement benefits scheme, and the
furnishing of those reports to the Authority and, if the regulations
so require, to the members;25

(h) requiring the trustee of a scheme —
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(i) to obtain at prescribed times or on the happening of
prescribed events such information and documents as are
prescribed; and
(ii) to furnish that information and copies of those documents
to the Authority and such persons as may be prescribed in
the form, manner and at the time prescribed;26

(i) restricting or regulating the manner in which a scheme deals with
surplus funds;
(j) providing for the content, format and audit of the annual accounts
of an authorised scheme;
(k) with respect to the amendment of the scheme;
(l) with respect to the payment (including time of payment), nature
and amount of benefits which may or may not be paid to
members and other beneficiaries of an authorised scheme;
(m) prohibiting, restricting or regulating the transfer of —
(i) any liability for the payment of any benefits to or from an
authorised scheme;
(ii) any rights to any benefits to or from an authorised scheme.
(3) Regulations under this section may make provision as to, and to the
contents of, the documents constituting the scheme, and , without
prejudice to the generality of that power, may include provision
requiring any of the matters mentioned in subsection (2) to be dealt with
in such documents as may be specified.
(4) Regulations under this section shall be binding on the trustee,
administrator, professional advisers and members independently of the
contents of such documents and, in the case of the members, shall have
effect as if contained in them.
(5) Without prejudice to the generality of subsection (4), where regulations
under this section conflict with any rule of law (whether at common law
or contained in any enactment) relating to —
(a) the constitution, powers and management of trusts or bodies
corporate;
(b) the powers and duties of trustees or the directors of bodies
corporate;
(c) the rights and obligations of beneficiaries of trusts or members of
bodies corporate,
the regulations shall prevail.
(6) Regulations under this section may provide that any person who is in
contravention of a specified regulation is guilty of an offence.
(7) Regulations under this section may contain such incidental and
transitional provisions as the Treasury thinks necessary or expedient.
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7 Technical funding requirement

(1) Every occupational scheme to which this section applies is subject to a
requirement (referred to in this Act as “the technical funding

requirement
”) that the value of the assets of the scheme shall not be —
(a) less than such amount; nor
(b) more than such amount,
as may be prescribed in regulations for the purposes of this section.
(2) This section applies to authorised occupational schemes other than —
(a) a money purchase scheme, or
(b) a scheme falling within a prescribed class or description.
(3) For the purposes of this section and sections 8 to 10, 13 and 14, the
liabilities and assets to be taken into account, and their amount or value,
shall be determined, calculated and verified by a prescribed person and
in the prescribed manner.
(4) In calculating the value of any liabilities for those purposes, a provision
of the scheme which limits the amount of its liabilities by reference to the
amount of its assets is to be disregarded.27

8 Valuation and certification of assets and liabilities

(1) The trustee of an authorised scheme to which section 7 applies must —
(a) obtain, within a prescribed period, an actuarial valuation from the
scheme actuary and afterwards obtain such a valuation before the
end of prescribed intervals, and
(b) on prescribed occasions or within prescribed periods, obtain a
certificate prepared by the scheme actuary —
(i) stating whether or not in his opinion the contributions
payable towards the scheme are adequate for the purpose
of securing that the technical funding requirement will
continue to be met throughout the prescribed period or, if
it appears to him that it is not met, will be met by the end
of that period, and
(ii) indicating any relevant changes that have occurred since
the last actuarial valuation was prepared.
(2) Subject to subsection (3), the trustee must —
(a) if the actuary states in such a certificate that in his opinion the
contributions payable towards the scheme are not adequate for
the purpose of securing that the technical funding requirement
will continue to be met throughout the prescribed period or, if it
appears to him that it is not met, will be met by the end of that
period, or
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(b) in prescribed circumstances,
obtain an actuarial valuation within the period required by
subsection (4).
(3) In a case within subsection (2)(a), the trustee is not required to obtain an
actuarial valuation if —
(a) in the opinion of the scheme actuary, the value of the scheme
assets is not less than the amount prescribed for the purposes of
this subsection, and28

(b) since the date on which the actuary signed the certificate referred
to in that subsection, the schedule of contributions for the scheme
has been revised under section 9(3)(b).
(4) If the trustee obtains a valuation under subsection (2) he must do so —
(a) in the case of a valuation required by paragraph (a) of that
subsection, within the period of 6 months beginning with the date
on which the actuary’s certificate was signed, and
(b) in any other case, within a prescribed period.
(5) A valuation or certificate obtained under subsection (1) or (2) must be
prepared in such manner, give such information and contain such
statements as may be prescribed.
(6) A trustee who fails to comply with this section is guilty of an offence.29

9 Schedules of contributions

(1) The trustee and administrator of an occupational scheme to which
section 7 applies must secure that there is prepared, maintained and
from time to time revised a schedule (referred to in this section and in
section 10 as a “schedule of contributions
”) showing —
(a) the rates of contributions payable towards the scheme by or on
behalf of the employer and the active members of the scheme, and
(b) the dates on or before which such contributions are to be paid.
(2) The schedule of contributions for an occupational scheme must satisfy
prescribed requirements.
(3) The schedule of contributions for an occupational scheme —
(a) must be prepared before the end of a prescribed period beginning
with the signing of the first actuarial valuation for the scheme,
(b) may be revised from time to time where the revisions are
previously agreed by the trustee and administrator and the
employer and any revision in the rates of contributions is certified
by the actuary of the scheme, and
(c) must be revised before the end of a prescribed period beginning
with the signing of each subsequent actuarial valuation.
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(4) The matters shown in the schedule of contributions for an
occupational scheme —
(a) must be matters previously agreed by the trustee and
administrator and the employer, or
(b) if no such agreement has been made as to all the matters shown in
the schedule, must be —
(i) rates of contributions determined by the trustee and
administrator, being such rates as in their opinion are
adequate for the purpose of securing that the technical
funding requirement will continue to be met throughout
the prescribed period or, if it appears to them that it is not
met, will be met by the end of that period, and
(ii) other matters determined by the trustee and the
administrator;
and the rates of contributions shown in the schedule must be certified by
the actuary of the scheme.
(5) An agreement for the purposes of subsection (4)(a) is one which is made
by the trustee and administrator and the employer during the prescribed
period beginning with the signing of the last preceding actuarial
valuation for the scheme.
(6) The actuary may not certify the rates of contributions shown in the
schedule of contributions —
(a) in a case where on the date he signs the certificate it appears to
him that the technical funding requirement is met, unless he is of
the opinion that the rates are adequate for the purpose of securing
that the requirement will continue to be met throughout the
prescribed period, and
(b) in any other case, unless he is of the opinion that the rates are
adequate for the purpose of securing that the requirement will be
met by the end of that period.
(7) The Authority may extend (or further extend) the period referred to in
subsection (6), and where the Authority refuses to extend (or further
extend) the period the Authority shall give written notice of the refusal
together with a statement of reasons for the decision.30

(8) Where, in the case of any occupational scheme to which section 7 applies,
this section is not complied with —
(a) section 33 applies to any trustee and administrator who has failed
to take all such steps as are reasonable to secure compliance, and
(b) section 50 applies to any trustee and administrator who has failed
to take all such steps.31

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10 Determination of contributions: supplementary

(1) Except in prescribed circumstances, the trustee and administrator of an
occupational scheme to which section 7 applies must, where any
amounts payable by or on behalf of the employer or the active members
of the scheme in accordance with the schedule of contributions have not
been paid on or before the due date, give notice of that fact, within the
prescribed period, to the Authority and to the members of the scheme.32

(2) Any such amounts which for the time being remain unpaid after that
date (whether payable by the employer or not) shall, if not a debt due
from the employer to the trustee and the administrator apart from this
subsection, be treated as such a debt.
(3) If, in the case of an occupational scheme to which section 7 applies, it
appears to the trustee or the administrator, at the end of any prescribed
period that the technical funding requirement is not met, they must
prepare a report giving the prescribed information about the failure to
meet that requirement.
(4) If in the case of any such scheme, subsection (1) or (3) is not complied
with —
(a) section 33 applies to any trustee and administrator who has failed
to take all such steps as are reasonable to secure compliance, and
(b) section 50 applies to any trustee and administrator who has failed
to take all such steps.33

11 Schedule of payments to certain schemes

(1) This section applies to authorised schemes which are —
(a) occupational schemes which are money purchase schemes; and
(b) personal schemes,
other than one falling within a prescribed class or description.
(2) The trustee and the administrator of every scheme to which this section
applies must secure that there is prepared, maintained and from time to
time revised a schedule (referred to in this section and section 12 as a
“payment schedule
”) showing —
(a) in the case of a scheme referred to in subsection (1)(a), the rates of
contributions payable towards the scheme by or on behalf of the
employer and the active members of the scheme, and
(b) in all cases, such other amounts payable towards the scheme as
may be prescribed, and
(c) the dates on or before which payments of contributions or other
amounts are to be made (referred to in those sections as “due
dates”).
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(3) The payment schedule for a scheme must satisfy prescribed
requirements.
(4) The matters shown in the payment schedule for a scheme —
(a) to the extent that the scheme makes provision for their
determination, must be so determined, and
(b) otherwise —
(i) must be matters previously agreed between the employer
and the trustee or administrator of the scheme, or
(ii) if no such agreement has been made as to all matters
shown in the schedule (other than those for whose
determination the scheme makes provision), must be
matters determined by the trustee and the administrator of
the scheme.
(5) If this section is not complied with —
(a) section 33 applies to any trustee and administrator who has failed
to take all such steps as are reasonable to secure compliance, and
(b) section 50 applies to any trustee or administrator who has failed
to take all such steps.
12 Schedules of payments: supplementary

(1) Except in prescribed circumstances, the trustee and the administrator of a
scheme to which section 11 applies must, where any amounts payable in
accordance with the payment schedule have not been paid on or before
the due date, give notice of that fact, within the prescribed period, to the
Authority and to the members of the scheme.34

(2) Any such amounts which for the time being remain unpaid after that
date (whether payable by the employer or not) shall, if not a debt due
from the employer to the trustee or administrator apart from this
subsection, be treated as such a debt.
(3) Any amounts payable in accordance with the payment schedule by or on
behalf of the employer must be paid on or before the due date and if this
subsection is not complied with the employer shall be guilty of an
offence.
(4) If, in the case of a scheme to which section 11 applies, subsection (1) is
not complied with the trustee and administrator shall both be guilty of
an offence.
(5) The administrator of a scheme to which section 11 applies shall keep a
copy of the latest version of the payments schedule for that scheme at his
principal place of business in the Island.
(6) If an administrator fails to comply with subsection (5) section 50 applies
to the administrator who has failed to comply.
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13 Serious underprovision

(1) Subsection (2) applies where, in the case of an occupational scheme to
which section 7 applies, an actuarial valuation shows that, on the
effective date of the valuation, the value of the scheme assets is less than
the amount prescribed for the purposes of this subsection (the difference
shown in the valuation being referred to in this section as “the
shortfall”).35

(2) The employer must —
(a) by making an appropriate payment to the trustee or
administrator, or
(b) by a prescribed method,
secure an increase in the value of the scheme assets which, taken with
any contributions paid, is not less than the shortfall.
(3) The required increase in that value must be secured —
(a) before the end of a prescribed period beginning with the signing
of the valuation, or
(b) if the actuarial valuation was obtained by reason of such a
statement in a certificate as is referred to in section 8(2), before the
end of a prescribed period beginning with the signing of the
certificate.
(4) Except in prescribed circumstances, if the employer fails to secure the
required increase in value before the end of the period applicable under
subsection (3), the trustee or administrator must, within the period of 14
days beginning with the end of that period, give written notice of that
fact to the Authority and to the members of the scheme.36

(5) If the employer fails to secure the required increase in value before the
end of the period applicable under subsection (3), then so much of the
shortfall as, at any subsequent time, has not been met by an increase in
value under subsection (2) made —
(a) by making an appropriate payment to the trustee or
administrator,
(b) by a prescribed method, or
(c) by contributions made before the end of that period,
shall, if not a debt due from the employer to the trustee or administrator
apart from this subsection, be treated at that time as such a debt.
(6) Where an increase in value is secured by a prescribed method, the
increase is to be treated for the purposes of this section as being of an
amount determined in accordance with regulations.
(7) The Authority may extend (or further extend) the period applicable
under subsection (3), and where the Authority refuses to extend (or
Section 14 Retirement Benefits Schemes Act 2000


Page 20 AT 14 of 2000 c

further extend) the period the Authority shall give written notice of the
refusal together with a statement of reasons for the decision.37

(8) If subsection (4) is not complied with —
(a) section 33 applies to any trustee and administrator who has failed
to take all such steps as are reasonable to secure compliance, and
(b) section 50 applies to any trustee or administrator who has failed
to take all such steps.38

14 Serious overprovision

(1) Subsection (2) applies where, in the case of an occupational scheme to
which section 7 applies, an actuarial valuation shows that, on the
effective date of the valuation, the value of the scheme assets is more
than the amount prescribed for the purposes of section 7(1)(b) (the
difference shown in the valuation being referred to in this section as “the
excess”).
(2) The Authority may issue a written direction to the employer and trustee
to take steps by such method as may be approved by the Authority to
secure an appropriate reduction in the value of the scheme assets.39

(3) The required reduction in that value must be secured before the end of
such period as is specified in the direction.
(4) If the employer and the trustee fail to secure the required reduction in
value before the end of the period applicable under subsection (3), the
trustee or administrator must, within the period of 14 days beginning
with the end of that period, give written notice of that fact to the
Authority and to the members of the scheme.40

(5) The Authority may extend (or further extend) the period applicable
under subsection (3), and where the Authority refuses to extend (or
further extend) the period the Authority shall give written notice of the
refusal together with a statement of reasons for the decision.41

(6) If subsection (4) is not complied with —
(a) section 33 applies to any trustee and administrator who has failed
to take all such steps as are reasonable to secure compliance, and
(b) section 50 applies to any trustee or administrator who has failed
to take all such steps.42

15 Annual accounts

(1) The trustee of an authorised scheme shall produce a copy of the annual
accounts of the scheme to the Authority within such period following the
close of the year to which they relate as the Authority may require and in
any event not later than 6 months after the close of the year to which they
relate.43

Retirement Benefits Schemes Act 2000 Section 16


c AT 14 of 2000 Page 21

(2) Such statements, reports, certificates and information as may be required
by regulations made under this Act, or required by any other enactment
to be annexed or attached to the annual accounts for any purpose shall
be produced to the Authority at the same time as the annual accounts are
submitted.44

(3) The Authority may exempt in writing a scheme specified in the
exemption from any provision contained in regulations made under this
Act relating to accounts.45

(4) Subject to any exemption granted under subsection (3), the trustee and
administrator of any authorised scheme which fails to comply with
subsection (1) or (2) shall be guilty of an offence.
(5) In this section, “annual accounts” means the scheme accounts prepared
in compliance with regulations under section 6.
16 Publication of scheme particulars

(1) The Treasury may make regulations requiring the trustee of an
authorised scheme to submit to the Authority and publish or make
available to past, present and prospective members of the scheme a
document (“scheme particulars”) containing information about the
scheme and complying with such requirements as are specified in the
regulations.46

(2) Regulations under this section may require the trustee of an authorised
scheme to submit and publish or make available revised or further
scheme particulars if —
(a) there is a significant change affecting any matter contained in
such particulars previously published or made available whose
inclusion was required by the regulations; or
(b) a significant new matter arises the inclusion of information in
respect of which would have been required in previous
particulars if it had arisen when those particulars were prepared.
(3) Regulations under this section may provide for the payment, by the
person or persons who in accordance with the regulations are treated as
responsible for any scheme particulars, of compensation to any person
who has become or agreed to become a member in the scheme and
suffered loss as a result of any untrue or misleading statement in the
particulars or the omission from them of any matter required by the
regulations to be included.
(4) Regulations under this section shall not affect any liability which any
person may incur apart from the regulations.
(5) If regulations under this section are not complied with —
(a) section 33 applies to any trustee who has failed to take all such
steps as are reasonable to secure compliance, and
Section 17 Retirement Benefits Schemes Act 2000


Page 22 AT 14 of 2000 c

(b) section 50 applies to any trustee who has failed to take all such
steps.
17 Professional advisers

(1) Subject to regulations under sections 6(2)(d) and 51(1)(d), for every
authorised scheme the trustee shall appoint —
(a) a scheme auditor;
(b) a scheme actuary; and
(c) an investment manager,
on such terms as the trustee may determine.
(2) A trustee who fails to comply with subsection (1) is guilty of an offence.
18 Alteration of schemes and changes of trustee, administrator and

professional advisers

(A1) No trustee or administrator of an authorised scheme shall appoint a
person as director, chief executive or manager; nor shall a person become
controller of such a trustee or administrator, unless a written notice
containing such particulars as may be prescribed is served on the
Authority by —
(a) in the case of a director, chief executive or manager, the trustee or
administrator as the case requires; or
(b) in the case of a controller, the proposed controller,
not less than 28 days before the event.47

(1) The trustee of an authorised scheme shall, as soon as practicable, give
written notice to the Authority of —
(a) any proposal to —
(i) alter the scheme;
(ii) appoint a new scheme administrator;
(iii) remove the scheme administrator;
(iv) appoint a professional adviser;
(v) remove a professional adviser, and
(b) the resignation of —
(i) a professional adviser;
(ii) the administrator of the scheme,
and the notice shall be accompanied by a statement of the reasons for
such proposal or resignation.48

(2) The administrator of an authorised scheme shall, as soon as practicable,
give written notice to the Authority of any proposal —
Retirement Benefits Schemes Act 2000 Section 19


c AT 14 of 2000 Page 23

(a) for a trustee of the scheme to cease to hold office; or
(b) to replace the trustee,
and the notice shall be accompanied by a statement of the reasons for the
proposal.49

(3) Effect shall not be given to any proposal under subsection (1)(a) or under
subsection (2) unless —
(a) the Authority has given its approval to the proposal; or50

(b) one month has elapsed since the date on which the notice was
given under subsection (1) or (2) without the Authority having
given written notice to the trustee or, as the case requires, the
administrator that the proposal is not approved together with a
statement of reasons for the decision.51

(4) Where a professional adviser resigns from an authorised scheme, he shall
notify the Authority in writing within 7 days of his reason for
resigning.52

(5) A trustee who fails to comply with subsection (1) is guilty of an offence.
(6) An administrator who fails to comply with subsection (2) is guilty of an
offence.
(7) A professional adviser who fails to comply with subsection (4) is guilty
of an offence.
19 Directors, controllers, etc

(1) If it appears to the Authority that any individual is not a fit and proper
person —
(a) to be appointed as a director, chief executive or manager; or
(b) to become a controller,
of the trustee or administrator of an authorised scheme or an authorised
scheme of any specified description, the Authority may direct that the
individual shall not, without the written consent of the Authority, be
appointed as such a director, chief executive or manager nor become
such a controller.53

(2) If it appears to the Authority that any —
(a) director, chief executive or manager; or
(b) controller,
of the trustee or administrator of an authorised scheme or an authorised
scheme of any specified description, is not a fit and proper person to
continue as such, the Authority may direct that the individual shall not,
without the written consent of the Authority, continue as such a director,
chief executive, manager or controller.54

Section 20 Retirement Benefits Schemes Act 2000


Page 24 AT 14 of 2000 c

(3) The Authority shall give written notice to the individual concerned of
any decision to make a direction under this section together with a
statement of reasons for the decision and, except where the Authority is
satisfied that urgent action is necessary, the notice shall be served on the
individual not less than 28 days before the date on which the direction is
to take effect.55

(4) Any consent by the Authority under subsection (1) or (2) may be —
(a) given subject to conditions;
(b) varied from time to time; and
(c) revoked at any time,
and the Authority shall give written notice to the individual concerned of
any decision to exercise the powers conferred by paragraph (a), (b) or (c)
together with a statement of reasons for the decision.56

(5) Any individual who —
(a) accepts or continues in any appointment referred to in
subsection (1)(a) or (2)(a); or
(b) becomes or continues as a controller,
in contravention of a direction under this section shall be guilty of an
offence.
(6) In this section —
“chief executive” means an individual who is employed by the body corporate
concerned and who either alone or jointly with others is or will be
responsible under the immediate authority of the directors for the
conduct of its business;
“manager” means an individual employed by the body corporate concerned
who, under the immediate authority of a director or its chief executive —
(a) exercises managerial functions; or
(b) is responsible for maintaining the accounts or other records of the
scheme.
20 Avoidance of exclusion clauses

[P1986/60/84]
Any provision of any document constituting an authorised scheme shall be void
in so far as it would have the effect of exempting the trustee or administrator
from liability for any failure to exercise due care and diligence in the discharge
of their respective functions in respect of the scheme.
Retirement Benefits Schemes Act 2000 Section 21


c AT 14 of 2000 Page 25

PART 3 – SCHEMES FROM OTHER JURISDICTIONS

21 Schemes authorised, etc in designated countries

(1) Subject to subsections (4) and (5), a scheme which is managed in and
authorised under the law of a designated country or territory outside the
Island is a recognised scheme if —
(a) the scheme is of a class specified by an order made by the
Treasury; and
(b) it is registered in a register maintained under section 45.
(2) In this section, “designated country or territory” means any country or
territory designated for the purposes of this section by an order made by
the Treasury.
(3) The Treasury shall not make an order under subsection (1) or (2) unless it
is satisfied that adequate protection is afforded to members.
(4) A scheme shall not be a recognised scheme under this section unless the
trustee of the scheme gives written notice to the Authority that he wishes
it to be registered as a recognised scheme.57

(5) The notice given by the trustee under subsection (4) —
(a) shall contain the name and address of a person in the Island who
is authorised to accept on behalf of the trustee any process or any
notices or other documents required or authorised to be served on
him under this Act; and58

(b) shall contain or be accompanied by such information and
documents as may be prescribed; and
(c) shall be accompanied by such fee as may be prescribed.
(6) Sections 6 and 16 shall have effect in relation to a recognised scheme
under this section as they have effect in relation to an authorised scheme.
(7) Regulations under sections 6 and 16 as applied by subsection (6) may
make provision whereby compliance with any requirements imposed by
or under the law of a designated country or territory is treated as
compliance with any requirement of the regulations.
(8) An order under subsection (1) may contain such transitional provisions
as the Treasury thinks necessary or expedient.
22 Revocation of recognised status

(1) The Authority may at any time direct that a scheme shall cease to be a
recognised scheme by virtue of section 21 if it appears to the
Authority —
(a) that it is undesirable in the interests of the members or potential
members that the scheme should continue to be recognised; or
Section 23 Retirement Benefits Schemes Act 2000


Page 26 AT 14 of 2000 c

(b) without prejudice to paragraph (a), that the trustee or
administrator of the scheme has contravened any provision of —
(i) this Act; or
(ii) the Insurance Act 2008; or59

(iii) the Financial Services Act 2008;60

(iv) and (v) [Repealed]61

(vi) any rules, regulations or code made under any of those
Acts or, in purported compliance with any such provision,
has furnished the Authority with false, inaccurate or
misleading information; or62

(c) that the trustee or administrator of the scheme has contravened
any condition, prohibition or requirement imposed under the
Acts specified in paragraph (b)(i) to (v).63

(2) For the purposes of subsection (l)(a) the Authority may take into account
any matter relating to the scheme, the trustee or administrator, a director
or controller of the trustee or administrator or any person employed by
or associated with the trustee or administrator in connection with the
scheme.64

(3) The Authority may give such a direction as is mentioned in subsection
(1) at the request of the trustee or administrator of the scheme; but the
Authority may refuse to do so if it considers that any matter concerning
the scheme should be investigated as a preliminary to a decision on the
question whether the direction should be given or the recognition
revoked or that the direction or revocation would not be in the interests
of the members.65

(4) Where the Authority proposes to give such a direction as is mentioned in
subsection (1), the Authority shall give the trustee written notice of its
intention to do so, stating the reasons for which the Authority proposes
to act and giving particulars of the rights conferred by subsection (5).66

(5) A person on whom a notice is served under subsection (4) may, within 21
days of the date of service, make written representations to the Authority
and, if desired, oral representations to the Authority.67

(6) The Authority shall have regard to any representations made in
accordance with subsection (5) in determining whether to give a
direction under subsection (1).68

23 Facilities, information and assets in the Island

(1) The Treasury may make regulations requiring the trustee of recognised
schemes to maintain in the Island such facilities as it thinks desirable in
the interests of members and as are specified in the regulations.
Retirement Benefits Schemes Act 2000 Section 24


c AT 14 of 2000 Page 27

(2) The Authority may by notice in writing together with a statement of
reasons for the decision require the trustee of any recognised scheme to
include such explanatory information as is specified in the notice in any
investment advertisement issued or caused to be issued by him in the
Island in which the scheme is named.69

(3) The Authority may direct the trustee of a recognised scheme in writing
together with a statement of reasons for the direction, to maintain in the
Island, or transfer to and keep in the custody of a person specified in the
direction, assets of the scheme of such value and description as may be
directed.70

(4) No assets kept in the custody of any person pursuant to a direction given
under subsection (3) shall, so long as the direction is in force —
(a) be removed from that person; or
(b) be made the subject of any mortgage, charge or lien,
except with the prior written consent of the Authority.71

(5) Any person who fails to comply with regulations made under this
section, a direction given under this section or who contravenes
subsection (4), shall be guilty of an offence.
(6) Any mortgage, charge or lien created in contravention of subsection (4)
shall be void against a person winding up the scheme and any creditor of
the scheme.
PART 4 – GENERAL REGISTER OF SCHEMES

24 Registration of retirement benefits schemes

(1) The Treasury may by regulations make provision —
(a) requiring —
(i) the trustee or administrator of a scheme; and
(ii) any person constituting or establishing, or concerned in
constituting or establishing a scheme,
to cause the scheme to be registered in a register to be established
under this section of all or any specified class of schemes;
(b) for the compilation and maintenance of a register of schemes;
(c) for conferring on the Authority such functions relating to the
compilation and maintenance of the register as may be specified
in the regulations;72

(d) for requiring the trustee or administrator of a scheme to provide
such information to its members, at such intervals and in such
form, as may be prescribed;
Section 25 Retirement Benefits Schemes Act 2000


Page 28 AT 14 of 2000 c

(e) for contravention of, or failure to comply with any provision
contained in regulations under any such provision to be an
offence under this Act.
(2) The register —
(a) may consist of one or more parts, as may be prescribed;
(b) shall be organised in such manner, and contain such information
relating to schemes, as may be prescribed; and
(c) subject to the regulations, may be kept in such manner and form
as the Authority thinks fit.73

(3) The regulations may make provision —
(a) for the register, or extracts from the register, or for copies of the
register or of extracts from the register, to be open to inspection
by, and
(b) for copies of the register, or of extracts from it, to be supplied to,
such persons, in such manner, at such times, upon payment of such fees,
and subject to such other terms and conditions, as may be prescribed.
(4) The regulations may require —
(a) any person who is or has been —
(i) a trustee or administrator of a scheme, or
(ii) the employer in relation to employment of any description
or category to which an occupational scheme relates, and
(b) such other persons as may be prescribed,
to provide the Authority with such information for the purposes of the
register in such form and within such time as may be prescribed.74

(5) Subsections (2) to (4) are without prejudice to the generality of
subsection (1).
(6) The inclusion of a scheme in a register established under this section
shall not be taken to imply that the scheme is authorised under section 3
nor recognised under section 21.
PART 5 – POWERS OF SUPERVISION, INVESTIGATION,

INTERVENTION, ETC.

25 [Repealed]
75

26 Inspection and investigation

Schedule 5 to the Insurance Act 2008 shall have effect in relation to the inspection
and investigation powers of the Authority.76

Retirement Benefits Schemes Act 2000 Section 29


c AT 14 of 2000 Page 29

27 and 28 [Repealed]
77

29 Injunctions

(1) If, on the application of the Authority, the High Court is satisfied that —
(a) there is a reasonable likelihood that a particular person will do
any act which constitutes a misuse or misappropriation of assets
of a scheme, or
(b) that a particular person has done any such act and that there is a
reasonable likelihood that he will continue or repeat the act in
question or do a similar act,
the court may grant an injunction restraining him from doing so.78

(2) If on the application of the Authority, the High Court is satisfied —
(a) that there is a reasonable likelihood that a particular person will
contravene any provision of this Act or any regulations under this
Act;
(b) that a particular person has contravened any such provision and
that there is a reasonable likelihood that he will continue or repeat
the contravention; or
(c) that a particular person has contravened any such provision and
that there are steps that could be taken for remedying the
contravention,
the Court may grant an injunction restraining the contravention or, as the
case may be, make an order requiring that person and any other person
who appears to the Court to have been knowingly concerned in the
contravention to take such steps as the Court may direct to remedy it.79

(3) Nothing in this section affects the right of any person other than the
Authority to bring proceedings in respect of the matters to which this
section applies.80

30 Restitution

(1) If, on the application of the Authority, the High Court is satisfied —
(a) that a power to make a payment, or distribute any assets, to any
person, has been exercised in contravention of regulations under
this Act, or
(b) that any act or omission of the trustee or administrator of a
scheme was in contravention of this Act or regulations under it,
the court may order the trustee, administrator and any other person who
appears to the court to have been knowingly concerned in the
contravention to take such steps as the court may direct for restoring the
parties to the position in which they were before the payment or
distribution was made, or the act or omission occurred.81

Section 31 Retirement Benefits Schemes Act 2000


Page 30 AT 14 of 2000 c

(2) Nothing in this section affects the right of any person other than the
Authority to bring proceedings in respect of the matters to which this
section applies.
31 Directions

(1) If it appears to the Authority —
(a) that any of the requirements for the registration of a scheme as an
authorised scheme are no longer satisfied;
(b) that the exercise of the power conferred by this subsection is
desirable in the interests of members or potential members in any
scheme; or
(c) without prejudice to paragraph (b), that the trustee or
administrator of, or a professional adviser to, any scheme has
contravened any provision of —
(i) this Act; or
(ii) the Insurance Act 2008; or82

(iii) the Financial Services Act 2008;83

(iv) and (v) [Repealed]84

(vi) any rules, regulations or code made under any of those
Acts or, in purported compliance with any such provision,
has furnished the Authority with false, inaccurate or
misleading information; or85

(d) that the trustee or administrator of the scheme has contravened
any condition, prohibition or requirement imposed under the
Acts specified in paragraph (c)(i) to (v),
the Authority may give a direction under subsection (2).86

(2) A direction under this subsection may —
(a) require the trustee and administrator of the scheme not to admit
new members to the scheme from a date specified in the direction
until such further date as is specified in that or another direction;
(b) require the trustee and administrator of the scheme to cause it to
be wound up by such date as is specified in the direction or, if no
date is specified, as soon as practicable;
(c) require the trustee and administrator of the scheme to take such
other action as the Authority considers to be desirable in the
interests of the members of the scheme.87

(3) The revocation of the registration of a scheme as an authorised scheme
shall not affect the operation of any direction under subsection (2) which
is then in force and a direction may be given under that subsection in
relation to a scheme in the case of which the registration of an authorised
scheme has been revoked.
Retirement Benefits Schemes Act 2000 Section 31


c AT 14 of 2000 Page 31

(4) If it appears to the Authority —
(a) that the exercise of the power conferred by this subsection is
desirable in the interests of members or potential members in a
recognised scheme;
(b) without prejudice to paragraph (a), that the trustee or
administrator of, or a professional adviser to, such a scheme has
contravened any provision of —
(i) this Act; or
(ii) the Insurance Act 2008; or88

(iii) the Financial Services Act 2008;89

(iv) Collective Investment Schemes Act 2008;90

(v) [Repealed]91

(vi) any rules, regulations or code made under any of those
Acts or, in purported compliance with any such provision,
has furnished the Authority with false, inaccurate or
misleading information; or92

(c) has contravened any condition, prohibition or requirement
imposed under this Act, the Insurance Act 2008, the Collective
Investment Schemes Act 2008 or the Financial Services Act 2008,93

the Authority may direct that the scheme shall not be a recognised
scheme for a specified period or until the occurrence of a specified event
or until specified conditions are complied with.94

(5) For the purposes of subsections (1)(b) and (4)(a) the Authority may take
into account any matter relating to the scheme, the trustee or
administrator, a director or controller of the trustee or administrator or
any person employed by or associated with the trustee or administrator
in connection with the scheme.95

(6) The Authority may, either on its own initiative or on the application of
the trustee or administrator of, or a professional adviser to, the scheme
concerned, withdraw or vary a direction given under this section if it
appears to the Authority that it is no longer necessary for the direction to
take effect or continue in force or, as the case may be, that it should take
effect or continue in force in a different form.96

(7) A trustee, administrator or professional adviser who is in contravention
of a direction given in accordance with this section shall be guilty of
an offence.
(8) A direction under this section requiring a scheme to be wound up may
include such directions with respect to the manner and timing of the
winding up as the Authority thinks appropriate having regard to the
purposes of the direction.97

Section 32 Retirement Benefits Schemes Act 2000


Page 32 AT 14 of 2000 c

(9) The winding up of a scheme in pursuance of a direction under this
section is as effective in law as if it had been made under powers
conferred by or under the scheme.
(10) A direction under this section may be made and complied with in
relation to a scheme —
(a) in spite of any enactment or rule of law, or any rule of the scheme,
which would otherwise operate to prevent the winding up, or
(b) without regard to any such enactment, rule of law or rule of the
scheme as would otherwise require, or might otherwise be taken
to require, the implementation of any procedure or the obtaining
of any consent, with a view to the winding up.
32 Notice of directions

(1) The power to give a direction under section 31 in relation to a scheme
shall be exercisable by written notice served by the Authority on the
trustee or administrator and any such notice shall take effect on such
date as is specified in the notice.98

(2) If the Authority refuses to withdraw or vary a direction on the
application of the trustee or administrator of the scheme concerned the
Authority shall serve that person with a written notice of refusal.99

(3) A notice giving a direction, or varying it otherwise than on the
application of the trustee or administrator concerned, or refusing to
withdraw or vary a direction on the application of such a person shall
state the reasons for which the direction was given or varied or, as the
case may be, why the application was refused.
(4) The Authority may give public notice of a direction given by the
Authority under section 31 and of any withdrawal or variation of such a
direction; and any such notice may, if the Authority thinks fit, include a
statement of the reasons for which the direction was given, withdrawn or
varied.100

33 Removal of trustee, administrator, etc

(1) In any case in which the Authority has power to give a direction under
section 31(2) in relation to an authorised scheme or, by virtue of
subsection (3) of that section, in relation to a scheme which has been such
a scheme, the Authority may by order —
(a) direct the removal of the trustee or administrator, or both the
trustee and administrator, of the scheme and replace either or
both of them with a person or persons nominated by the
Authority and appearing to the Authority to satisfy the
requirements of section 3; or101

Retirement Benefits Schemes Act 2000 Section 34


c AT 14 of 2000 Page 33

(b) if it appears to the Authority that no, or no suitable, person
satisfying those requirements is available, direct the removal of
the trustee or administrator, or both the trustee and administrator,
and appoint an appropriate person to wind up the scheme.102
103

(2) The Authority may make such order as it thinks fit under this section;
and may, revoke any such order as is mentioned in subsection (1)(b) and
substitute such an order as is mentioned in subsection (1)(a).104

(3) The Authority shall give written notice of the making of an order under
this section to the trustee and administrator of the scheme concerned and
take such steps as the Authority considers appropriate for bringing the
making of the order to the attention of the members.105

(4) An order under subsection (1)(a) shall have effect to —
(a) discharge either or both the trustee and the administrator of the
scheme concerned; and
(b) appoint the nominated person or persons in his or their place,
and any such appointee shall have the same powers, authorities, and
discretions and may in all respects act in the same manner as the person
or persons replaced.
(5) An order under subsection (1) may contain such supplemental
provisions as the Authority thinks fit.106

(6) Section 18 shall not apply in respect of a trustee or administrator
appointed by an order made under subsection (1)(b).107

34 Appointment of inspector

(1) The Authority may appoint one or more competent inspectors to
investigate and report, in such manner as the Authority may direct, on
the affairs of, or of the trustee or administrator of, any scheme if the
Authority is satisfied that it is in the interests of the members to do so or
that the matter is of public concern.108

(2) An inspector appointed under subsection (1) to investigate the affairs of,
or of the trustee or administrator of, any scheme may also, if he thinks it
necessary for the purposes of that investigation, investigate the affairs of,
or of the trustee or administrator of, any other such scheme as is
mentioned in that subsection whose trustee or administrator is the same
person as the trustee or administrator of the first-mentioned scheme.
(3) Sections 134 and 135 of the Companies Act 1931 (powers of inspectors and
proceedings on report by inspectors) shall apply in relation to an
inspector appointed under this section as they apply in relation to an
inspector appointed under section 134 of that Act, but with the
modifications specified in subsection (4).
Section 35 Retirement Benefits Schemes Act 2000


Page 34 AT 14 of 2000 c

(4) In the provisions applied by subsection (3) for any reference to a
company or its affairs there shall be substituted a reference to the scheme
under investigation and the affairs mentioned in subsections (1) and (2)
and any reference to an officer or director of the company shall include a
reference to any officer or director of the trustee or administrator of the
scheme.
(5) An inspector appointed under this section may, and if so directed by the
Authority shall, make interim reports to the Authority and on the
conclusion of his investigation shall make a final report to the
Authority.109

(6) Any such report shall be written or printed as the Authority may direct
and the Authority may, if it thinks fit —
(a) furnish a copy, on request and on payment of a reasonable fee, to
the trustee or administrator or any member of a scheme under
investigation or any other person whose conduct is referred to in
the report; and
(b) cause the report to be published.
35 Powers exercisable in aid of income tax and pension scheme functions

The powers conferred on the Authority by sections 25 to 34 may be exercised for
the purpose of —
(a) assisting the Treasury to discharge its functions in relation to
income tax and occupational and personal pension schemes; or
(b) assisting the Assessor to discharge his or her functions in relation
to income tax.110

PART 6 – RETIREMENT BENEFITS SCHEME

ADMINISTRATORS

36 Register of scheme administrators

(1) No person shall act as a scheme administrator for, or in relation to, a
scheme, unless that person —
(a) is registered in a register kept in accordance with regulations
under section 45 and has paid to the Authority the prescribed
registration fee; or111

(b) is exempted from registration by regulations.
(2) An applicant for registration shall provide such documents and
information as may be required by the Authority.112

(3) No person shall be registered unless he satisfies the Authority that —
(a) he is a fit and proper person;
Retirement Benefits Schemes Act 2000 Section 36


c AT 14 of 2000 Page 35

(b) he carries on business as a scheme administrator at a place of
business in the Island; and
(c) he complies with such other requirements as are prescribed in
regulations.113

(4) The Authority may —
(a) refuse to register any applicant for registration;
(b) cancel any registration at any time.114

(5) Where a person carries on a business which in any respect is or in the
opinion of the Authority appears to be of a similar character to the
business carried on by a registered schemes administrator, that person
upon a declaration made by the Authority in writing shall be subject to
the provisions of this Part and shall be deemed to be acting as a
registered schemes administrator.115

(6) Any person who —
(a) contravenes subsection (1); or
(b) takes or uses any style, title or description which consists of or
includes the expression “registered schemes administrator” when
he is not registered; or
(c) takes or uses any style, title or description falsely implying, or
otherwise pretends, that he is registered,
shall be guilty of an offence.
(7) Regulations may include provisions specifying practices to be followed
by registered schemes administrators in carrying on the affairs of a
scheme and in particular provisions concerning —
(a) the keeping of accounts and other records, their form, content,
inspection and audit;
(b) the financial resources of registered schemes administrators;
(c) the treatment to be afforded to money received by registered
schemes administrator;
(d) the form and content of advertisements (whether printed or
broadcast) by registered schemes administrators (including
matters which must be, as well as matters which may not be
included in the advertisements).
(8) The fees to be paid in respect of registration and the continuation of
registration shall be prescribed under the Fees and Duties Act 1989.
(9) Where the Authority exercises its power under subsection (4), the
Authority shall do so by giving the applicant written notice stating the
reasons for the decision.116

Section 37 Retirement Benefits Schemes Act 2000


Page 36 AT 14 of 2000 c

PART 7 – MISCELLANEOUS

37 [Repealed]
117

37A Regulatory objectives

Sections 1(2) (the Isle of Man Financial Services Authority) and 2 (exercise of
functions to be compatible with the regulatory objectives) of the Financial
Services Act 2008 shall apply in respect of the Authority’s functions under this
Act.118

38 Appeals to the Retirement Benefits Schemes Tribunal

(1) For the purposes of this Act there shall be a tribunal known as the
Retirement Benefits Schemes Tribunal (in this Act referred to as “the

Tribunal
”).
(2) The Tribunal shall consist of —
(a) a chairman appointed in accordance with the Tribunals Act 2006;
and
(b) 2 members selected in accordance with regulations made under
section 9(b) of the Tribunals Act 2006 from a panel appointed in
accordance with that Act.
(3) Any person who is aggrieved by a decision of the Authority to —
(a) refuse to register a scheme under section 3;
(b) register a scheme subject to conditions under section 3(3);
(c) make an authorisation subject to new conditions under
section 3(3)(a);
(d) vary any existing conditions under section 3(3)(b);
(e) revoke an authorisation under section 4;
(f) refuse to extend (or further extend) a period under section 9(7),
13(7) or 14(5);
(g) issue a direction under section 14(2);
(h) refuse to give approval under section 18(3);
(i) issue a direction under section 19(1) or (2);
(j) vary or revoke a consent under section 19(4)(b) or (c);
(k) issue a direction under section 22(1);
(l) issue a notice or direction under section 23(2) or (3);
(m) issue a direction under section 31;
(n) refuse to withdraw or vary a direction under section 31(1);
(o) refuse to register an administrator under section 36(4)(a);
(p) cancel the registration of an administrator under section 36(4)(b);
Retirement Benefits Schemes Act 2000 Section 39


c AT 14 of 2000 Page 37

(q) disqualify a person under section 41; or
(r) refuse to revoke a disqualification order under section 41,
may appeal, in accordance with rules made under section 8 of the
Tribunals Act 2006, to the Tribunal.119

(4) On the determination of an appeal under this section the Tribunal shall
confirm, vary or revoke the decision in question.
(5) Any variation or revocation of a decision shall not affect the previous
operation of that decision or anything duly done or suffered under it.
(6) Without prejudice to subsection (7), any decision of the Tribunal on an
appeal under this section shall be binding on the Authority and the
applicant.120

(7) An appeal shall lie to the High Court, in accordance with rules of court,
on a question of law from any decision of the Tribunal.121

39 Retirement Benefits Schemes Ombudsman

(1) For the purpose of conducting investigations into complaints by
members of schemes, the Treasury may appoint a commissioner to be
known as the Retirement Benefits Schemes Ombudsman.
(2) The Treasury may by order apply the provisions of Part X (investigation
of complaints by the Retirement Benefits Schemes Ombudsman) of the
Pension Schemes Act 1993 (an Act of Parliament) as part of the law of the
Island with such adaptations, exceptions and modifications as may be
specified in the order.
(3) An order under subsection (2) may limit complaints to the Retirement
Benefits Schemes Ombudsman to complaints —
(a) from members of specified classes of schemes;
(b) from specified classes of members.122

40 [Repealed]
123

41 Blowing the whistle

(1) If the trustee, administrator, auditor, actuary or investment manager of
any scheme has reasonable cause to believe that —
(a) any duty relevant to the administration of the scheme imposed by
any enactment or rule of law on any person acting in connection
with the scheme has not been or is not being complied with, and
(b) the failure to comply is likely to be of material significance in the
exercise by the Authority of any of its functions,124

Section 41 Retirement Benefits Schemes Act 2000


Page 38 AT 14 of 2000 c

he must immediately give a written report of the matter to the
Authority.125

(2) No duty to which the auditor, actuary or investment manager of any
scheme is subject shall be regarded as contravened merely because of
any information or opinion contained in a written report under this
section.
(3) No duty to which any person is subject shall be regarded as contravened
merely because of any information or opinion contained in a report
under this section; but this subsection does not apply to any information
disclosed in such a report by the legal adviser of a scheme if he would be
entitled to refuse to produce a document containing the information in
any proceedings in any court on the grounds that it was the subject of
legal professional privilege.
(4) Any person who fails to comply with subsection (1) is guilty of an
offence.
(5) If it appears to the Authority that a trustee, administrator, auditor,
actuary or investment manager has failed to comply with subsection (1),
the Authority may by notice in writing, together with reasons for the
decision, disqualify him for being the trustee, administrator, auditor,
actuary or, as the case may be, investment manager of any scheme
specified in the notice.126

(6) A notice under subsection (5) may specify the scheme to which the
failure relates, all schemes falling within any class or description of
scheme or all schemes.
(7) The Authority may, on the application of any person disqualified under
this section who satisfies the Authority that he will in future comply with
those subsections, by notice in writing revoke the disqualification; but a
revocation made at any time cannot affect anything done before that time
and where the Authority refuses to revoke a disqualification the
Authority shall give written notice of the refusal together with reasons
for the decision.127

(8) A trustee, administrator, auditor, actuary or investment manager of a
scheme who becomes disqualified under this section shall, while he is so
disqualified, cease to be the trustee, administrator, auditor, actuary or, as
the case may be, investment manager of any scheme specified in the
notice disqualifying him.
(9) A person who, while he is disqualified under this section, purports to act
as trustee, administrator, auditor, actuary or investment manager of a
scheme specified in the notice disqualifying him is guilty of an offence.
(10) An offence under subsection (9) may be charged by reference to any day
or longer period of time; and a person may be convicted of a second or
Retirement Benefits Schemes Act 2000 Section 42


c AT 14 of 2000 Page 39

subsequent offence under that subsection by reference to any period of
time following the preceding conviction of the offence.
Information, etc.
42 Publication of information and advice

(1) The Authority may publish information or give advice, or arrange for the
publication of information or the giving of advice, in such form and
manner as it considers appropriate with respect to —
(a) the operation of this Act and any public document made under it,
including in particular the rights of members of any scheme, the
duties of trustee, administrator and any other person involved in
the management or administration of a scheme, and the steps to
be taken for enforcing those rights or complying with those
duties;
(b) any matter relating to the functions of the Authority under any
enactment;128

(c) any other matters about which it appears to it to be desirable to
publish information or give advice for the protection of members
or any class of members in schemes.129

(2) The Authority may offer for sale copies of information published under
this section and may, if it thinks fit, make a reasonable charge for advice
given under this section at any person’s request.130

(3) This section shall not be construed as authorising the disclosure of
restricted information within the meaning of section 43 in any case in
which it could not be disclosed apart from the provisions of this section.
43 Restrictions on disclosure of information

Schedule 6 to the Insurance Act 2008 shall have effect in relation to the
restrictions on disclosure of information.131

44 [Repealed]
132

PART 8 – SUPPLEMENTAL

45 Public registers

(1) The Authority shall keep at its principal office registers to which this
section applies containing such particulars and information as may be
prescribed.133

Section 46 Retirement Benefits Schemes Act 2000


Page 40 AT 14 of 2000 c

(2) Any person shall be entitled to inspect the registers during ordinary
office hours.
(3) This section applies to the registers of —
(a) authorised schemes;
(b) recognised schemes; and
(c) scheme administrators.
46 False and misleading statements

A person commits an offence if —
(a) for the purposes of or in connection with any application under
this Act; or
(b) in purported compliance with any requirement imposed on him
by or under this Act,
he furnishes information which he knows to be false or misleading in a material
particular or recklessly furnishes information which is false or misleading in a
material particular.
47 Defence in criminal proceedings

In proceedings brought against any person for an offence under this Act it shall
be a defence for him to prove that he took all reasonable precautions and
exercised all due diligence to avoid the commission of the offence.
48 Criminal penalties

Any person who commits an offence under this Act or any public document
made under this Act shall be liable —
(a) on summary conviction to a fine not exceeding £5,000 or to a term
of custody not exceeding 6 months, or to both;
(b) on conviction on information, to a fine or to a term of custody not
exceeding 2 years, or to both.
49 Offences by bodies corporate

(1) Where an offence under this Act committed by a body corporate is
proved to have been committed with the consent or connivance of, or to
be attributable to neglect on the part of, a director, manager, secretary or
other similar officer of the body corporate or a person who was
purporting to act in such a capacity, he, as well as the body corporate, is
guilty of the offence and liable to be proceeded against and punished
accordingly.
(2) Where the affairs of a body corporate are managed by the members
subsection (1) shall apply in relation to the acts and defaults of a member
Retirement Benefits Schemes Act 2000 Section 50


c AT 14 of 2000 Page 41

in connection with his functions of management as if he were a director
of the body corporate.
(3) For the purposes of subsection (1), “body corporate” includes a limited
liability company constituted under the Limited Liability Companies Act
1996 and, in relation to such a company, any reference to a director, or
other officer of a body corporate is a reference to a member and to the
company’s manager and registered agent.
50 Civil penalties

(1) A summary fixed penalty (in this section referred to as a “penalty”) may
be imposed on —
(a) the trustee, administrator or professional adviser of a scheme; or
(b) the employer of a member of a scheme,
by the Authority if that person has acted in contravention of a prescribed
provision of this Act or a public document under this Act.134

(2) Where the Authority intends to impose a penalty, it shall give notice in
writing to the person concerned giving particulars of the alleged
contravention and of the amount of the penalty.135

(3) Within 14 days of the service of the notice under subsection (2), the
person concerned shall either —
(a) pay the penalty to the Treasury; or
(b) apply to the High Bailiff for a review of the imposition of the
penalty and serve a copy of the application on the Authority.136

(4) Subsection (3) does not confer a right to apply to the High Bailiff for a
review of the amount of a penalty.
(5) An application under subsection (3)(b) shall be in such form, within such
period, and subject to such conditions as may be prescribed.
(6) On the determination of a review under this section, the High Bailiff may
either —
(a) confirm the decision of the Authority to impose a penalty; or137

(b) revoke the decision if he is satisfied that the person concerned has
not acted in contravention of this Act or a public document under
this Act as alleged in the notice served on the person concerned
under subsection (2).
(7) On the determination of a review under this section, the High Bailiff
may —
(a) order the applicant to pay the costs of the Authority in relation to
the review;138

(b) order the Authority to pay the costs of the applicant in relation to
the review;139

Section 51 Retirement Benefits Schemes Act 2000


Page 42 AT 14 of 2000 c

(c) make no order as to costs.
(8) The decision of the High Bailiff under this section is final.
(9) Where the High Bailiff has confirmed a decision of the Authority to
impose a penalty, the person concerned shall pay that penalty together
with any costs awarded under subsection (7)(a) within 14 days of the
determination of the review.140

(10) Where a person fails to comply with either paragraph (a) or (b) of
subsection (3) or with subsection (9), the penalty may be collected by the
Treasury as a civil debt due to it.141

(11) The Treasury may by order make such provisions as it considers to be
necessary to give effect to this section and, but without prejudice to the
generality of that power, may —
(a) prescribe the provisions of this Act and public documents under it
for the purposes of subsection (1);
(b) prescribe forms, periods and conditions for the purposes of
subsection (5);
(c) prescribe the amount of penalties which may be levied under this
section or the method by which they may be calculated;
(d) regulate the practice and procedure to be adopted in a review by
the High Bailiff under this section.
(12) Any amount received in respect of a penalty levied under this section
shall be paid into and form part of the General Revenue.
(13) This section is in addition to and not in derogation of any other provision
which applies this section, confers a power or provides for contravention
to be an offence.
51 Regulations and orders

(1) The Treasury may make such regulations as are necessary or desirable to
carry the provisions of this Act into effect and, but without prejudice to
the generality of that power, may —
(a) direct that sections 6 and 16 apply to such schemes or classes of
schemes (other than authorised schemes or recognised schemes)
as may be specified in the regulations;
(b) require the administrator of a scheme to pay such periodical fees
in respect of that scheme as may be specified, and such fees may
be fixed fees or may be calculated by reference to such factors or
circumstances as may be specified;
(c) make provision whereby compliance with or contravention of any
specified requirements imposed by or under the law of a country
prescribed for this purpose is treated as compliance with or
Retirement Benefits Schemes Act 2000 Section 52


c AT 14 of 2000 Page 43

contravention of any specified requirement of this Act or any
public document made under this Act;
(d) exempt any person or scheme from this Act or any provision of it;
(dd) provide for any of the provisions of this Act to apply (to such
extent as may be prescribed), or to apply with prescribed
modifications (in spite of anything in those provisions) —
(i) to money purchase or other schemes falling within a
prescribed class or description; or
(ii) for the purpose of taking account of pension sharing orders
under Part 1 of the Matrimonial Proceedings Act 2001; or
(iii) for the purpose of taking account of the law of countries
outside the Island where authorised schemes have
members or operations in such countries as well as in the
Island;142

(e) create offences.
(2) The generality of subsection (1) is not prejudiced by any other provision
in this Act which enables the Treasury to make regulations.
(3) Without prejudice to the generality of the power contained in
subsection (1), regulations made under that subsection may regulate the
issue, form and content of advertisements or other documents relating to
schemes and in particular —
(a) may prohibit the issue of advertisements of schemes of particular
descriptions or by persons of particular descriptions; and
(b) may make provision with respect to matters which must be, as
well as to matters which may not be, included in advertisements.
(4) Any person who issues an advertisement in contravention of regulations
made under this section shall be guilty of an offence.
(5) Any orders (with the exception of an order of a court or an order
appointing a day or days for the commencement of this Act) or
regulations made under this Act shall be laid before Tynwald as soon as
practicable after they are made and, if Tynwald at the sitting before
which the order or regulation, as the case may be, are laid or at the next
following sitting fails to approve the order or regulations, they shall
thereupon cease to have effect.
52 Financial provision

(1) Any expenses incurred under this Act by the Treasury, the Authority or
any person appointed or authorised to exercise any powers under
section 34 shall be defrayed out of money provided by Tynwald.143

(2) Any fees received under this Act shall form part of the General Revenue
of the Island.
Section 53 Retirement Benefits Schemes Act 2000


Page 44 AT 14 of 2000 c

53 Principal terms defined

In this Act —
“employee
” means a person gainfully employed in the Island or elsewhere
either under —
(a) a contract of service; or
(b) in an office (including an elective office) with remuneration
chargeable to income tax in the same manner as remuneration
received under a contract of service;
“employer
” includes, in the case of the holder of an office, such person as may
be prescribed by regulations or, the Government Department, Statutory
Board, public authority or body of persons responsible for paying the
remuneration of the office;
“occupational scheme
” means a scheme established under an irrevocable trust
and sponsored by one or more participating employers who contribute
to it, which has, or is capable of having, effect so as to provide only
relevant benefits to or in respect of employees or former employees of
the participating employers, or previously participating employers;
“personal scheme
” means a scheme (not being an occupational scheme) which
has, or is capable of having, effect so as to provide relevant benefits to or
in respect of individuals who have made arrangements with the trustee
or administrator of the scheme for them to become members of it;
“relevant benefits”
means any pension, lump sum, gratuity or such other
benefit as may be prescribed, given or to be given on retirement or death,
or in anticipation of retirement, or, in connection with past service, after
retirement or death, or to be given on or in anticipation of or in
connection with any change in the nature of the service of the employee
in question, except that it does not include any benefit which is to be
afforded solely by reason of the disablement by accident of a person
occurring during his service or of his death by accident so occurring and
for no other reason, and in this definition, retirement includes reaching
the age of 50 notwithstanding the continuation of employment, self-
employment or service;
“retirement benefits scheme
” means any scheme or arrangement which is
comprised in one or more instruments or agreements and which has, or
is capable of having, effect so as to provide relevant benefits but does not
include such schemes or classes of scheme as may be prescribed.
54 Interpretation - general

In this Act —
“active member
”, in relation to an occupational scheme, means a person who is
in service in any description or category of employment to which the
Retirement Benefits Schemes Act 2000 Section 54


c AT 14 of 2000 Page 45

scheme relates which qualifies the member (on the assumption that it
continues for the appropriate period) for benefits under the scheme;
“administrator
” means the person responsible for the management of a scheme;
“advertisement
” includes every form of advertising whether in a publication or
by the display of notices or by means of circulars or other documents or
by an exhibition of photographs or cinematograph films or by way of
sound broadcasting, television, telecommunications or any electronic
media;
“authorised scheme
” means a scheme which is registered in accordance with
section 3, and “authorised
” shall be construed accordingly;
“Authority
” means the Isle of Man Financial Services Authority (as established
by article 4 of the Transfer of Functions (Isle of Man Financial Services
Authority) Order 2015);144

“controller
” means —
(a) a managing director of a body corporate of which the body
corporate concerned is a subsidiary;
(b) a chief executive of a body corporate of which the body corporate
concerned is a subsidiary;
(c) an individual in accordance with whose directions or instructions
one or more of the directors of a body corporate of which the
body corporate concerned is a subsidiary are accustomed to act
unless the director or directors are accustomed so to act by reason
only that they do so on advice given by that person in a
professional capacity;
(d) an individual who either alone or with any associate or associates
is entitled to exercise or control the exercise of 15% or more of the
voting power at any general meeting of the body corporate
concerned or of another body corporate of which it is a subsidiary;
“director
” includes —
(a) any individual occupying the position of director by whatever
name called;
(b) any individual in accordance with whose directions or
instructions one or more of the appointed directors are
accustomed to act unless the appointed director or directors are
accustomed so to act by reason only that they do so on advice
given by that person in a professional capacity;
“investment manager
” means a person who manages the investments held for
the purposes of a scheme;
“IPA
” [Repealed]145

“member
” means a member, however described, of a scheme;
Section 55 Retirement Benefits Schemes Act 2000


Page 46 AT 14 of 2000 c

“money purchase scheme
” means a scheme under which the rate or amount of
benefits is calculated by reference to —
(a) contributions to the scheme by members or by any other person in
respect of the members; and
(b) the investment performance of the assets of the scheme fund;
“occupational scheme
” has the meaning given in section 53;
“personal scheme
” has the meaning given in section 53;
“professional advisers
” has the meaning given by section 6(2)(d);
“recognised scheme
” means a scheme which is registered in accordance with
section 21;
“registered schemes administrator
” has the meaning given by section 36;
“regulations
” means regulations made under section 51;
“retirement benefits scheme
” has the meaning given in section 53;
“Review Committee
” [Repealed]146

“scheme
” has the meaning given by section 1(1)(a);
“Supervisor
” [Repealed]147

“technical funding requirement
” has the meaning given by section 7;
“trustee
” means —
(a) in relation to a trust scheme, the trustee of the scheme; and
(b) in any other case, the administrator of the scheme.
55 Amendments and repeals

(1) The enactments specified in Schedule 2 are amended in accordance with
that Schedule.
(2) The enactments mentioned in Schedule 3 are repealed to the extent
specified in column 3 of that Schedule.
56 Short title and commencement

(1) This Act may be cited as the Retirement Benefits Schemes Act 2000.
(2) This Act shall come into force on such day as the Treasury may by order
appoint and different days may be so appointed for different provisions
and for different purposes.148

(3) An order under subsection (2) may make such transitional provisions or
savings as the Treasury may consider necessary in connection with any
provision brought into force by the order.
Retirement Benefits Schemes Act 2000 Schedule 1



c AT 14 of 2000 Page 47

SCHEDULE 1
149

SCHEDULE 2

AMENDMENT OF ENACTMENTS

Section 55(1)
[Sch 2 amended by Collective Investment Schemes Act 2008 Sch 7 and by
Insurance Act 2008 Sch 9, and amends the following Act —
Companies Act 1982 q.v.]
SCHEDULE 3

REPEAL OF ENACTMENTS

Section 55(2)
[Sch 3 amended by Insurance Act 2008 Sch 9, and repeals the following Acts and
public document in part —
Companies Act 1982
SD610/96 (Insurance and Pensions Authority Order 1996, articles 2 to 6).]
Retirement Benefits Schemes Act 2000 Endnotes


c AT 14 of 2000 Page 49

ENDNOTES

Table of Legislation History

Legislation Year and No Commencement






Table of Renumbered Provisions

Original Current






Table of Endnote References

1
Subs (3) substituted by Life Assurance (Insurable Interest) Act 2004 Sch 2. 2
Para (a) amended by SD2015/0090 as amended by SD2015/0276. 3
Para (b) amended by SD2015/0090 as amended by SD2015/0276. 4
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 5
Subs (5) substituted by SD2015/0090 as amended by SD2015/0276. 6
Subs (1) substituted by SD2015/0090 as amended by SD2015/0276. 7
Subs (3) substituted by SD2015/0090 as amended by SD2015/0276. 8
Para (b) amended by SD2015/0090 as amended by SD2015/0276. 9
Para (c) amended by Life Assurance (Insurable Interest) Act 2004 Sch 2. 10
Para (e) amended by Life Assurance (Insurable Interest) Act 2004 Sch 2. 11
Para (a) amended by Civil Partnership Act 2011 Sch 14. 12
Subs (10) substituted by SD2015/0090 as amended by SD2015/0276. 13
Subpara (ii) amended by Insurance Act 2008 Sch 8. 14
Subpara (iii) substituted by Financial Services Act 2008 Sch 6. 15
Subparas (iv) and (v) repealed by Financial Services Act 2008 Sch 6. 16
Subpara (vi) substituted by SD20015/0090 as amended by SD2015/0276. 17
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 18
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 19
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 20
Subs (4) amended by SD2015/0090 as amended by SD2015/0276. 21
Subs (1) substituted by SD2015/0090 as amended by SD2015/0276. 22
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 23
Subs (3) amended by SD2015/0090 as amended by SD2015/0276.
Endnotes Retirement Benefits Schemes Act 2000


Page 50 AT 14 of 2000 c

24
Para (c) substituted by Life Assurance (Insurable Interest) Act 2004 Sch 2. 25
Para (g) amended by SD2015/0090 as amended by SD2015/0276. 26
Subpara (ii) amended by SD2015/0090 as amended by SD2015/0276. 27
S 7 not yet in force. 28
Para (a) amended by Life Assurance (Insurable Interest) Act 2004 Sch 2. 29
S 8 not yet in force. 30
Subs (7) substituted by SD2015/0090 as amended by SD2015/0276. 31
S 9 not yet in force. 32
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 33
S 10 not yet in force. 34
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 35
Subs (1) amended by Life Assurance (Insurable Interest) Act 2004 Sch 2. 36
Subs (4) amended by SD2015/0090 as amended by SD2015/0276. 37
Subs (7) substituted by SD2015/0090 as amended by SD2015/0276. 38
S 13 not yet in force. 39
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 40
Subs (4) amended by SD2015/0090 as amended by SD2015/0276. 41
Subs (5) substituted by SD2015/0090 as amended by SD2015/0276. 42
S 14 not yet in force. 43
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 44
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 45
Subs (3) substituted by SD2015/0090 as amended by SD2015/0276. 46
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 47
Subs (A1) inserted by Life Assurance (Insurable Interest) Act 2004 Sch 2 and
amended by SD2015/0090 as amended by SD2015/0276. 48
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 49
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 50
Para (a) substituted by SD2015/0090 as amended by SD2015/0276. 51
Para (b) amended by SD2015/0090 as amended by SD2015/0276. 52
Subs (4) amended by SD2015/0090 as amended by SD2015/0276. 53
Subs (1) substituted by SD2015/0090 as amended by SD2015/0276. 54
Subs (2) substituted by SD2015/0090 as amended by SD2015/0276. 55
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 56
Subs (4) amended by SD2015/0090 as amended by SD2015/0276. 57
Subs (4) amended by SD2015/0090 as amended by SD2015/0276. 58
Para (a) amended by Life Assurance (Insurable Interest) Act 2004 Sch 2. 59
Subpara (ii) amended by Insurance Act 2008 Sch 8. 60
Subpara (iii) substituted by Financial Services Act 2008 Sch 6. 61
Subparas (iv) and (v) repealed by Financial Services Act 2008 Sch 6. 62
Subpara (vi) amended by SD2015/0090 as amended by SD2015/0276. 63
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 64
Subs (2) amended by SD2015/0090 as amended by SD2015/0276.
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65
Subs (3) substituted by SD2015/0090 as amended by SD2015/0276. 66
Subs (4) substituted by SD2015/0090 as amended by SD2015/0276. 67
Subs (5) amended by SD2015/0090 as amended by SD2015/0276. 68
Subs (6) amended by SD2015/0090 as amended by SD2015/0276. 69
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 70
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 71
Subs (4) amended by SD2015/0090 as amended by SD2015/0276. 72
Para (c) amended by SD2015/0090 as amended by SD2015/0276. 73
Para (c) amended by SD2015/0090 as amended by SD2015/0276. 74
Subs (4) amended by SD2015/0090 as amended by SD2015/0276. 75
S 25 repealed by Insurance Act 2008 Sch 9. 76
S 26 substituted by Insurance Act 2008 Sch 8 and amended by SD2015/0090 as
amended by SD2015/0276.. 77
Ss 27 and 28 repealed by Insurance Act 2008 Sch 9. 78
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 79
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 80
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 81
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 82
Subpara (ii) amended by Insurance Act 2008 Sch 8. 83
Subpara (iii) substituted by Financial Services Act 2008 Sch 6. 84
Subparas (iv) and (v) repealed by Financial Services Act 2008 Sch 6. 85
Subpara (vi) amended by SD2015/0090 as amended by SD2015/0276. 86
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 87
Para (c) amended by SD2015/0090 as amended by SD2015/0276. 88
Subpara (ii) amended by Insurance Act 2008 Sch 8. 89
Subpara (iii) substituted by Financial Services Act 2008 Sch 6. 90
Subpara (iv) substituted by Collective Investment Schemes Act 2008 Sch 6. 91
Subpara (v) repealed by Financial Services Act 2008 Sch 6. 92
Subpara (vi) amended by SD2015/0090 as amended by SD2015/0276. 93
Para (c) amended by Financial Services Act 2008 Sch 6, by Collective Investment
Schemes Act 2008 Sch 6 and by Insurance Act 2008 Sch 8. 94
Subs (4) amended by SD2015/0090 as amended by SD2015/0276. 95
Subs (5) amended by SD2015/0090 as amended by SD2015/0276. 96
Subs (6) substituted by SD2015/0090 as amended by SD2015/0276. 97
Subs (8) amended by SD2015/0090 as amended by SD2015/0276. 98
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 99
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 100
Subs (4) amended by SD2015/0090 as amended by SD2015/0276. 101
Para (a) amended by SD2015/0090 as amended by SD2015/0276. 102
Para (b) amended by SD2015/0090 as amended by SD2015/0276. 103
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 104
Subs (2) amended by SD2015/0090 as amended by SD2015/0276.
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105
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 106
Subs (5) amended by SD2015/0090 as amended by SD2015/0276. 107
Subs (6) amended by SD2015/0090 as amended by SD2015/0276. 108
Subs (1) substituted by SD2015/0090 as amended by SD2015/0276. 109
Subs (5) substituted by SD2015/0090 as amended by SD2015/0276. 110
S 35 substituted by SD2014/08 and amended by SD2015/0090 as amended by
SD2015/0276. 111
Para (a) amended by SD2015/0090 as amended by SD2015/0276. 112
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 113
Subs (3) substituted by Life Assurance (Insurable Interest) Act 2004 Sch 2 and
amended by SD2015/0090 as amended by SD2015/0276. 114
Subs (4) amended by SD2015/0090 as amended by SD2015/0276. 115
Subs (5) amended by SD2015/0090 as amended by SD2015/0276. 116
Subs (9) substituted by SD2015/0090 as amended by SD2015/0276. 117
S 37 repealed by Insurance Act 2008 Sch 9. 118
S 37A inserted by Insurance Act 2008 Sch 8 and substituted by SD2015/0090 as
amended by SD2015/0276. 119
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 120
Subs (6) amended by SD2015/0090 as amended by SD2015/0276. 121
S 38 substituted by Insurance Act 2008 Sch 8. 122
S 39 not yet in force. 123
S 40 repealed by Financial Services Act 2008 Sch 7 (with savings see para 5 of Sch 8)
and by Insurance Act 2008 Sch 9. 124
Para (b) substituted by SD2015/0090 as amended by SD2015/0276. 125
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 126
Subs (5) amended by SD2015/0090 as amended by SD2015/0276. 127
Subs (7) amended by SD2015/0090 as amended by SD2015/0276. 128
Para (b) amended by SD2015/0090 as amended by SD2015/0276. 129
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 130
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 131
S 43 substituted by Insurance Act 2008 Sch 8. 132
S 44 repealed by Insurance Act 2008 Sch 9. 133
Subs (1) substituted by SD2015/0090 as amended by SD2015/0276. 134
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 135
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 136
Para (b) amended by SD2015/0090 as amended by SD2015/0276. 137
Para (a) amended by SD2015/0090 as amended by SD2015/0276. 138
Para (a) amended by SD2015/0090 as amended by SD2015/0276. 139
Para (b) amended by SD2015/0090 as amended by SD2015/0276. 140
Subs (9) amended by SD2015/0090 as amended by SD2015/0276. 141
Subs (10) amended by SD2015/0090 as amended by SD2015/0276. 142
Para (dd) inserted by Life Assurance (Insurable Interest) Act 2004 Sch 2.
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Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 144
Definition of “Authority” inserted by SD2015/0090 as amended by SD2015/0276. 145
Definition of “IPA” repealed by SD2015/0090 as amended by SD2015/0276. 146
Definition of “Review Committee” repealed by Insurance Act 2008 Sch 9. 147
Definition of “Supervisor” repealed by SD2015/0090 as amended by SD2015/0276. 148
ADO (ss 37, 38(3) and (10), 51 to 56, Schs 1 to 3) 1/4/2001; (all other provisions of the
Act but only to such extent as is necessary for the purpose of making public documents
under the Act) 1/4/2001 (SD173/01); ss 1, 2, 11, 12, 15, 17, 18, 36 in respect of
international schemes which immediately before1/1/2002 are operating in or from the
Island) 1/6/2002; (ss 1, 2, 11, 12, 15, 17, 18, 36 in respect of all other international
schemes) 1/1/2002; (ss 3 to 6, 16, 19, 20, 25 to 35, 38(1), (2) and (4) to (9), 41 to 50)
1/1/2002 (SD648/01); (ss 2, 11, 12, 15, 17, 18, 21 to 24, 36) 1/11/2004; (s 1) 1/5/2005
(SD588/04). 149
Sch 1 repealed by Insurance Act 2008 Sch 9.