Michael MHK concerned Manx residents could be disadvantaged
The Treasury Minister says there is a real downside to sweeping changes to pension rules.
A scheme launched in the UK in April gives savers more control and allows people who have saved for a pension to do what they want with their money.
Michael MHK Alfred Cannan believes Manx residents could be disadvantaged if a similar scheme is not introduced here.
However, Eddie Teare insists a pension should provide an income in retirement and that by relaxing the rules, those who don’t spend prudently will have no means of support and would have to fall back on the state.