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New pensions option welcomed by providers

Pensions providers in the Isle of Man say changes to the types of plans they can sell will be a big boost to the industry, and the Island's ecomomy.

Last week the Manx government unveiled a new pensions option, which is expected to prove popular with expats.

Benefits from the new '50 C' schemes will be paid gross, and not subject to Isle of Man income tax.

The Department of Economic Development says the pensions, operating under HM Revenue and Customs regulations, open a whole new avenue for the industry.

And Principal at Baker Tilly Isle of Man Stuart Clifford says local pensions firms are optimistic about the new opportunities (play audio file):

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