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Consultation indicates support for creating workplace pensions scheme

Monday, 2 March 2020

A consultation exercise has highlighted broad support for the Isle of Man Government to explore creating an accessible workplace pension scheme for employed workers.

A summary of responses has today been published following a six-week consultation exercise held in July-August 2019 on pensions and the role the Isle of Man Government can play in enabling people to save for their retirement.

A total of 219 responses were received – 165 from employees and the remaining 54 from employers – as well as a contribution from the Chamber of Commerce, which focused on key areas on behalf of its members.

Treasury Minister Alfred Cannan MHK said:

‘Enabling people to save for their retirement is a crucial issue and it’s important that we gather information in this way to inform the possible creation of legislation.

‘We recognise concern from both employees and employers over potential costs, but this must be balanced against the long-term benefits to the individual of saving for their retirement.

‘I wish to thank everyone who used the opportunity to submit their views. Treasury will now engage with stakeholders to explore viable options and I look forward to providing an update on this issue to Tynwald in October.’

A summary of responses is available to view and download.

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