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Minister announces new pension regime

Tynwald has approved the creation of a new type of pension arrangement, providing a new retirement savings option for Island-based members and, it is hoped, others elsewhere in the world.

The international aspect of the scheme is subject to approval under Her Majesty's Revenue and Customs' regulations on what are known as Qualifying Overseas Pensions Schemes.

A media release from the Department of Economic Development says approval would give the Island's pension sector increased opportunity to market such schemes to British expatriates who have retired outside the United Kingdom.

Economic Development Minister Allan Bell is confident the new pensions regime will be welcomed by the local industry, and increase the amount of business placed in the Isle of Man.

Only resident pension providers regulated by the Isle of Man Insurance and Pensions Authority can provide the scheme.

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