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MHK calls for pension fund reform

Alf Cannon calls for Manx residents to have better control over their pensions

An MHK is calling on the government to allow Manx residents greater control over their pension funds.

Michael member Alf Cannan says he wants the Island to follow the UK, in allowing savers to withdraw their pension pots if they want to, from the age of 55.

New rules shaking-up the UK pensions market came into effect in April - a major reform of the previous coalition government.

Mr Cannan will put a motion to July Tynwald, seeking support for new measures allowing Island savers to withdraw their pension funds, rather than buy a retirement annuity.

Mr Cannan says the Manx government is behind the curve.

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