Isle of Man Pensions: Trustee Training: 28 April 2005

New legislation directly affecting Isle of Man company pension schemes takes effect on 1 May 2005.

The “domestic scheme” regulations approved by Tynwald under the Retirement Benefits Schemes Act 2000 introduce a regulatory framework with new, explicit responsibilities placed upon pension scheme trustees and administrators.  A fundamental objective of the new framework is “to instil uniform standards across the local pension and retirement planning system and to ensure that all plans are managed appropriately”.

The new regulations substantially raise the standards for pension scheme trustees, sponsoring employers and all involved with local company schemes. 

This half-day training seminar has been designed with specific reference to the needs of individuals who currently act as pension trustees, or are due to be appointed as member trustees, or who otherwise are closely involved with the in-house administration of Isle of Man pension schemes.  Attendees will receive a training certificate upon completion.  By the end of the seminar, delegates will

• have learnt (or re-visited) the essentials of trusteeship and pension schemes
• be confident and well prepared in undertaking their newly regulated role
• be up to date with the latest development
• be better equipped to make informed judgements on investment matters.

To reserve your place, please return the attached booking form by 7 April.  Numbers are limited, and places will be allocated on a first come, first served basis.

The seminar on 28 April is presented jointly by consulting actuaries Boal & Co (www.boal.co.uk) and BWCI (www.bw-ci.com). 

Boal & Co, is the largest actuarial firm in the Isle of Man, advises more than 80 local occupational and personal pension schemes.  Services offered include scheme administration, independent trustee, scheme design & establishment.  Boal & Co (Pensions) Ltd is registered with the IPA as a professional schemes administrator.

BWCI, the largest actuarial firm in the Channel Islands, provides a wide range of services including actuarial valuations and advice for final salary schemes, advice on investment strategy and performance measurement, and asset/liability advice.

Boal & Co and BWCI are members of Milliman Global (www.millimanglobal.com) an international organisation of leading actuarial and consulting firms represented in over 100 principal cities worldwide.  Milliman Global firms employ over 2,800 people, with annual revenues of $466m.

1.    Introduction

2.     Trustees’ Duties and Responsibilities

3.     Scheme Design, Administration & Governance

4.     Investment

5.     The New IPA Regulation and Requirements

6.     Practical Dilemmas

7.     Close

To reserve your place, please fax back (01624) 824486 or e-mail mkiernan@boal.co.uk.  Payment by cheque for £141 to Boal & Co Ltd (inclusive of £21 VAT) must be received by 14 April 2005 to confirm attendance.