IoM to remove compulsory annuitisation

A consultation on the proposed changes was issued by the Treasury in October, and in its response to the responses, it states a Pensions Bill “will be introduced later this year and, subject to approval by the Branches of the Legislature, will be effective from April 2008”. The 21-page document says the changes will be made to the existing Taxes Acts to modernise the system, and allow people more options in respect of pension provision than they have at the moment, while continuing to “facilitate the movement of people and their pension arrangements to the Isle of Man”. Following the cons...