Isle of Man to introduce pension freedoms
Legislation that will introduce pension freedoms to the Isle of Man has been included in the island's 2018 Budget, a move treasury minister Alfred Cannan said will allow people to "look after their own savings". During his speech outlining the 2018 IoM Budget on 20 February, Cannan said the new pension scheme will allow many island residents the freedom to access their pension funds after turning 55-years-old, similar to legislation introduced in the UK in April 2015.
The introduction of pension freedoms has been one of the island's worst-kept secrets, with rumours and speculation having circulated for several months prior to the budget announcement.
Cannan said he would ensure that proper guidance is given to financial advisers to assist them with the new measures. Please link to International Adviser to read the full article by Tom Carnegie.