How new Isle of Man pension freedoms differ starkly from the UK
By Mark Battersby, 23 Feb 18
The Isle of Man budget on 20 February introduced the concept of pension freedoms to the island’s pensions legislation, setting out some stark differences to the already established UK rules.
Lamborghinis optional
Stephen Webb was famously quoted as saying that if members of the public wanted to buy a Lamborghini with their pension fund it was up to them.
In the lead up to the introduction of the rules in the Isle of Man there was much debate in parliament about whether the public would use the proceeds of their pension fund responsibly, although Alf Cannan, the Island’s treasury minister ultimately said in his budget speech “I have always said that I trust our pensioners to look after their own savings if that is what they wish to do”.
Tags: David White | Isle Of Man | Pension Freedoms | QB Partners | UK Adviser
