Jurisdiction(s):
United Kingdom

Key definition

Rules definition

What does Rules mean? Rules describes the written provisions that govern how a pension scheme operates—especially occupational pension schemes—usually contained in, or annexed to, the trust deed (trust deed and rules). Legislation refers to these as scheme rules (for example, Pensions Act 1995 and Pensions Act 2004 in the UK, and the Pensions Act 1990 in Ireland). Scheme rules set out eligibility, benefit structure (defined benefit or defined contribution), contributions, service and accrual, retirement options and ages, revaluation/indexation, ill‑health and death benefits, transfers in and out, leaver provisions, forfeiture, augmentation, priority on winding‑up, discretions and decision‑making, and the scheme’s amendment and termination powers. They also...

Isle of Man Foundations: Statutory Regime, Establishment, Governance, Beneficial Ownership, Court Powers, Continuance, Winding up, Conflict of Laws and Taxation

Published by a LexisNexis Private Client expert

Practice notes

For general information on the Isle of Man, see the Practice Note: Private Client jurisdictional guide—Isle of Man. For information on foundations, including their UK tax treatment, consult the Foundations subtopic.

Legal framework

Foundations in the Isle of Man arise under statute, having been brought into Manx law by the Foundations Act 2011 (Foundations Act). A Manx foundation is a distinct legal person; yet, unlike a company, it has no shareholders. It holds assets in its own name with a view to furthering the foundation’s objects.

Those objects may comprise the following:

persons,
purposes (charitable or non-charitable),
a combination of both.

These must be certain, reasonable and possible, and not unlawful, contrary to public policy or immoral.

The foundation is administered under a constitution consisting of two principal documents, namely:

the foundation instrument
the rules of the foundation

It may exercise all the rights, powers and privileges of an individual; however, it must not directly conduct commercial trading, save where such activity is merely incidental to achieving its objects...

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Web page updated on 21/05/2026

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