Whether or not Manx residents will have the same freedom as UK citizens to cash in their pensions early is under consideration by the government.
In July, Tynwald passed a motion in favour of pension freedom and supporting introduction of proposals to allow Manx residents similar, or better rights than those given to people in the UK.
However, Treasury Minister Eddie Teare said proposals originally scheduled for presentation to Tynwald this month were not yet finalised.
‘It has not been possible to prepare a report to review options and proposals in this timescale,’ he said.
The matter is currently under examination by staff from both Treasury and Department of Economic Development. In addition, Mr Teare said a working group which included various private sector and government participants had already met and was considering the issues.
‘The findings and propsals from the group will be brought back to Tynwald by January 2016 and it is proposed that a briefing will be arranged on the findings of the working group,’ Mr Teare said.
A range of flexible pension options was introduced in the UK in April this year giving people enhanced rights to take lump sums from their pension pot. The UK changes allow people over 55 to draw down up to 25 per cent of their pension pot tax free, or take small cash sums from the pot.