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SPOTLIGHT ON PENSIONS 2018 T here can be few subjects more relevant at the moment than pensions. With changes to state pensions, the prospect of later retirement for millions of people and the ongoing effects of the financial crash on private pensions it’s a hot topic. Now, more than ever before, it’s vital that people seek the best professional advice available, in order to secure the best possible pension returns. Pensions have been under the spotlight for all the wrong reasons in recent years; the public pension deficit and falling returns on private pensions has led to a crisis of confidence. Given the choice of frugal returns on a pension or stashing hard cash under the pillow, an alarming number of people have been opting for the latter. Meanwhile there are new question marks over the transferability of pensions between the Isle of Man and the UK, as the two state pensions systems diverge. In March 2016 Tynwald approved a new Social Security agreement with the UK, which means that anyone who has worked in both the IoM and the UK will be entitled to separate state pensions from the IoM and the UK. Respective Continued on page 52...