OCCUPATIONAL PENSION DEFINED BENEFIT SCHEMES

Summary

The request sought the number of Isle of Man registered Occupational Defined Benefit Pension Schemes with over 50 members and their respective membership counts. The Authority disclosed that there are 20 such Authorised schemes, provided specific membership figures for 19 Domestic schemes, and noted that data for 39 Recognised UK schemes was not held.

Key Facts

• There are 20 Isle of Man Authorised Occupational Defined Benefit Pension Schemes with more than 50 members.
• 19 of these schemes are registered as Domestic schemes, while one is an International scheme.
• The single International scheme has more than 4,000 members.
• The Authority does not hold membership data for 39 Recognised UK-regulated schemes.
• At least five of the Authorised schemes provide Money Purchase Benefits in addition to Defined Benefits.

Data Disclosed

• 20
• 19
• 51
• 52
• 76
• 80
• 109
• 123
• 259
• 280
• 281
• 326
• 342
• 411
• 465
• 684
• 701
• 873
• 1379
• 3213
• 4000
• 39
• 5
• 8
• 2019-03-04
• 2019-03-26
• 749766

Original Request

The number of Isle of Man registered Occupational Defined Benefit Pension Schemes with more than 50 members and the number of members in each of those Schemes

Data Tables (1)

Data Tables (reformatted)

Full Response Text

Isle of Man Financial Services Authority PO Box 58, Finch Hill House, Bucks Road, Douglas, Isle of Man, IM99 1DT Tel: +44 (0)1624 646000 Website: www.iomfsa.im

Our ref: 749766 26 March 2019

Dear ###

We write further to your request which was received on 4 March 2019 and which states:

"The number of Isle of Man registered Occupational Defined Benefit Pension Schemes with more than 50 members and the number of members in each of those Schemes"

Our response to your request is as follows:
Pension schemes are known as retirement benefits schemes in the Isle of Man’s legislation. The Authority registers pension schemes that are either Isle of Man Authorised schemes or Recognised schemes. Authorised Defined Benefit Schemes There are 20 Isle of Man Authorised Occupational Defined Benefits Pensions Schemes registered with the Authority which have more than 50 members. Of these, 19 are registered as Domestic schemes and one is registered as an International scheme. Membership numbers are received at different dates annually, depending on the date that a scheme was established. The membership data provided below is as at the date of the last return. The 19 Isle of Man Domestic schemes had the following membership numbers in the last returns: 51, 52, 76, 80, 109, 123, 259, 280, 281, 326, 342, 369, 411, 465, 684, 701, 873, 1379 and 3213. There is only one International scheme which, in addition to providing money purchase benefits, provides Defined Benefits. The scheme has more than 4,000 members. Recognised Defined Benefit Schemes In addition to the Isle of Man schemes above, we are also able to provide some data on Recognised schemes. Recognised schemes are pension schemes of another jurisdiction which are subject to regulation in that jurisdiction.

All the Recognised schemes registered in the Isle of Man are UK-regulated pension schemes which include members who are, or have been, employees working in the Isle of Man. These UK schemes are regulated by the UK Pensions Regulator. These Recognised Schemes include 39 Occupational pension schemes that cater for Defined Benefits. We do not hold data on the numbers of members of these UK schemes. Additional Information Pension schemes are often not solely Defined Benefits pension schemes in nature and they commonly include non-Isle of Man members. Of the 20 Authorised schemes, at least five (including the International scheme) provide Money Purchase Benefits in addition to Defined Benefits. Of the 19 Domestic schemes, at least eight (being those marked with a *) include non-Isle of Man members. Please quote the reference number 749766 in any future communications.

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I will now close your request as of this date.

Yours sincerely