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:

More from Isle of Man News

Tin bath races mean bus diversions tomorrow

Bus Vannin's warning of some disruption in the south of the Island tomorrow as an iconic Manx sporting event gets underway.
MHK wants backing for changes to Tynwald members' pay

Do pay structures for Tynwald members need looking at again?
Storage firm announces closure

A storage business in Crosby says it's shutting its doors later this month.
Mountain Road shut for skate setup later

Part of the Mountain Road is due to close later as the Island prepares to host some of the world’s fastest skateboarders.
Bus diversions for tin bath day tomorrow

Bus Vannin's warning of some disruption in the south of the Island tomorrow as an iconic Manx sporting event gets underway.
MP criticises Island's fishing visa rules in Westminster

A Northern Irish MP says his constituency's fishing fleet is facing a major threat because of changes to Isle of Man visa rules.
Post Office won't release Evri documents as courier prepares to leave Island

Isle of Man Post Office says it won't release any of its emails or messages with courier firm Evri - which could have shown talks about taking over the service.
Strix to shut Ramsey factory

One of the Island's biggest manufacturers says it's closing its Ramsey factory and shifting production to China.

Treasury Minister comments on radical UK pension shake up

More from Isle of Man News

Comments