MHK says pensions industry needs 'shake up'

Tuesday, 21 July 2015 00:00

Allowing greater pension freedoms will kick-start a much-needed industry 'shake up'.

That's the message from Michael MHK Alf Cannan who wants Tynwald to support the process of freeing up residents' pension pots.

UK pensioners have been compensated by almost £20 million after bad self-invested personal pension decisions.

Mr Cannan doesn't believe that older people here will mirror mistakes made there.

He says it's Treasury's job to regulate the industry and stop the sale of any riskier products:

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