Pension freedoms plans coming this year

Bill Shimmins MHK

Working group's recommendations being finalised

Plans to introduce pension freedoms to Manx residents, equal or better than those available in the UK, will be brought to Tynwald later this year.

That's according to Treasury member Bill Shimmins MHK.

In the House of Keys today, he told Ramsey MHK Lawrie Hooper that a working group of private sector and government representatives had drawn up initial recommendations, which were being finalised.

In July 2015, Michael MHK Alfred Cannan - who is now Treasury Minister - won Tynwald backing to support the concept of pension freedom.

Since April two years ago, UK residents have been able to spend their pension pots as they wish, with no requirement to buy an annuity.

More from Isle of Man News