Pensions & Employee Benefits

Cains is the Isle of Man's leading pension and employee benefits firm.

The Isle of Man is also one of the few offshore jurisdictions with a dedicated and comprehensive regulatory regime for both domestic and international pension arrangements.  The regime combines elements of UK legislation (with regard to domestic contracted-out arrangements as regulated by the Department of Social Care) and Isle of Man specific legislation established under the Retirement Benefits Schemes Act 2000 (as regulated by the Insurance and Pensions Authority).  Changes to the Isle of Man's tax regime in 2008 and 2010 have made the jurisdiction an attractive destination for international arrangements and domestic approved QROPS and QNUPS compliant arrangements.  Together, the tax and regulatory regimes have established a jurisdiction that combines flexibility of benefit construction with a system of effective but cost efficient regulation.

With regard to domestic pension schemes, Cains pensions group advises government, corporate and trustee clients and has advised on a wide range of contentious and non-contentious pension issues including: scheme design, establishment and amendment (statutory, personal and occupational), tax approval, regulatory authorisations and contracting-out; pension product development; scheme mergers and winding up (solvent and insolvent); scheme deficit and surplus; corporate sale, acquisition and restructuring (including employer debt issues); PPF liabilities and exemptions; executive severance and advice relating to professional advisers and investment management.

With regard to international pension schemes, the pensions group has advised in respect of the establishment of more international schemes authorised than any other legal practice in the Isle of Man. Cains' pension group has also advised in respect of complex restructuring, redomiciliation and winding up of international schemes.

Cains has extensive experience in providing legal advice in respect of employee benefit arrangements in the Isle of Man including: restricted stock plans, restricted stock unit plans, option plans, term incentive plans, stock purchase plans and cash plans. When advising multinational employers, we work closely with our clients to ensure, where possible, that the Isle of Man plan fits within their wider benefit arrangements. Cains also contirbutes to a global online database that covers share plans in over 150 countries. Our lawyers are always happy to take time to discuss any issues clients may have before proceeding with formal instructions.

For further details contact: Ben Hughes or Jonathan Latham.