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More control over pension pot

Tynwald to report back in October

If you pay into a private pension, you could soon get more control over what you do with the money when you retire.

In Tynwald yesterday, Michael MHK Alf Cannan saw the court approve his motion asking the Treasury to introduce UK-style rules allowing people to take cash out of their funds when they retire.

It’ll mean Treasury Minister Eddie Teare will have to go back to Tynwald in October with an update on proposals.

After the sitting, Mr Teare said there are a lot of issues to consider before making any changes:

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