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UK pensions freedoms 'won't suit Island'

Seyrsnys-penshyn sy Reeriaght Unnaneyssit, 'cha beagh eh cooie da'n Ellan'

Boggaghey leighyn-penshyn ayns Mannin er yn aght ta jeant sy Reeriaght Unnaneyssit, chrooagh eh doilleeidyn stroo-argid da'n Tashtey.

Shen barel chiareyder-penshyn Ellanagh t'er nyannoo studeyrys jeh ny h-eiyrtyssyn oddagh çheet rish, kyndagh rish y chaghlaa.

Neayr's Mee Averil, cummaltee yn Reeriaght Unnaneyssit, t'ad lowit tayrn sym-argid erbee t'ad laccal magh ass nyn buit-phenshyn, gyn kionnaghey bleeanaght.

Ta eam dy ve jeant ayns Tinvaal y red cheddin dy ve jeant ayns Mannin - ga dy vel shirveishee noi shen.

Yn ablid veagh ec sleih argid y vaarail ro leah as eisht çheet dy ve croghey er y steat, ta shen grait dy ve ny ghaue mooar.

Mark Kiernan, Ard-Sheckter Voal as Colught, t'eh gra dy re argid slane femoil da'n Tashtey, keesh çheet-stiagh tayrnit ass penshynyn - as dy vel y Tashtey laccal stroo shickyr.
 

UK pensions freedoms 'won't suit Island'

Relaxing pension laws in the Isle of Man in the way the UK has, could cause the Treasury cash-flow problems.

That's the view of an Island pensions provider, which has studied the implications of the regime change.

Since April, UK residents have been allowed to draw whatever sums they want from their pension pots, and no longer have to buy an annuity.

A call is to be made inTynwald for the Isle of Man to follow suit - despite opposition from ministers.

The potential for people to spend the cash too soon, then fall back on the state, is cited as a key danger.

Chief executive of Boal & Co. Mark Kiernan says income tax paid on cash drawn from pensions is vital revenue for Treasury - and it wants a steady stream.

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