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Call for Island to allow pensions freedoms

Tynwald urged to follow UK liberalisation

A call to allow Manx residents freedom to spend their pension savings as they wish is being debated in Tynwald.

Michael MHK Alf Cannan says the Isle of Man should adopt the same 'radical liberalisation' as the UK has.

Since 1 April, UK savers no longer need to buy an annuity providing an income for life - instead, they can access their entire pension pots on retirement, with no restrictions on how much money is drawn out, and when.

Mr Cannan told Tynwald members some Island savers are transferring their pensions to the UK to take advantage of the new rules.

And he dismissed suggestions the Manx pensions industry would lose ground if people were allowed control over their own funds: 

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