Enabling savings for retirement 'a crucial issue'

Enabling Island people to save for retirement is a 'crucial issue', according to Treasury Minister Alf Cannan MHK.

His commments come as the Cabinet Office begins to explore the possibility of creating a workplace pension scheme following a public consultation last year.

Mr Cannan adds whilst government recognises concerns from employees and employers over potential costs, it must be balanced against the long-term benefits for individuals.

Treasury will now engage with stakeholders on the matter and will provide an update to Tynwald in October.