Treasury Minister comments on radical UK pension shake up

Monday, 24 March 2014 00:00

The UK’s Chancellor George Osborne last week announced a major shake up to pensions as he unveiled his budget.

From 2015 annuities are to become optional; this means the individual will now have greater control over their accumulated pension fund.

The reasoning behind the move is that it’ll result in greater tax revenue for government.

Treasury Minister Eddie Teare says he doesn’t feel it’s something the people of the Isle of Man are currently crying out for, but won't rule out its possible future introduction:

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