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Views sought on pension freedoms

Plans include flexible increase in tax-free lump sum

Treasury Minister Alfred Cannan has announced plans to launch a consultation on extending pension freedoms.

In Tynwald this afternoon (18 Jul) he introduced new proposals hoped to provide tax efficiency and flexibility for those saving for their later years.

The proposed new freedoms include flexible access to pensions after 55, an increase to 40% of the tax free lump sum, and that funds will build up tax free.

Mr Cannan told the Court the new proposals still need to be finalised: 

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