The Treasury has today launched a consultation proposing the introduction of a new pension scheme that would provide its members with greater pension freedoms.
In July 2015 Tynwald approved a motion supporting the concept of pension freedoms and in the 2016 Budget a number of pension freedoms were introduced. Since that time Treasury and the Department of Economic Development have continued to work with the pensions industry and other interested parties to find the best way to introduce further pension freedoms in the Island.
The consultation issued today sets out the main features of the new pension scheme being proposed and includes examples comparing existing schemes with the proposed new scheme. It also poses a number of questions and invites feedback and suggestions on the proposals.
The consultation ‘Proposed New Pension Scheme to Provide Greater Pension Freedoms” runs until 15 September and is available on the Government website.