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Update on pension freedoms sought

Questions raised by Ramsey MHK Lawrie Hooper

Treasury's progress on 'pension freedoms' will be questioned in the House of Keys tomorrow (Tue).

The scheme, introduced in the UK in 2015, allows private pension recipients to take their entire benefit as a lump sum aged 55, as opposed to a traditional annuation.

Those who withdraw the full amount are entitled to the first 25 per cent tax free.

Bringing in a similar system was mooted by the Island's ex-Treasury Minister Eddie Teare at the time.

But Ramsey MHK Lawrie Hooper wants an update from this administration:

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