Proposed New Pension Scheme to Provide Greater Pension Freedoms

Our consultation paper proposed the introduction of a new pension scheme which would extend pension freedoms. The document set out the main features of a proposed new scheme, posed a number of questions and invited feedback and suggestions on the proposals.

We received 68 responses from interested parties. The majority were in favour of a fully flexible scheme or a degree of pension freedom.  

Following the consultation period, we reviewed the responses and gave further consideration to the proposals in light of the comments received. Subsequently, certain features of the proposals were amended while others were retained. Legislation providing for the introduction of a new pension scheme was then drafted and formed part of the 2018 Budget. If approved by Tynwald at the February sitting, pension providers on the Island will be able to introduce the new pension scheme from 6 April 2018.