Treasury Minister Alfred Cannan has pledged his department will consider the idea of automatic enrolment into workplace pensions.

Mr Cannan was asked about the idea by Lawrie Hooper (LibVannin, Ramsey) in the House of Keys on Tuesday.

The minister said: ’The issue of workplace pensions which is a very important one. I can assure [Mr Hooper] that Treasury will give this matter further consideration in due course.’

Mr Cannan said Treasury was progressing pensions reform on ’several fronts’: ’We are working towards the introduction of a single-tier Manx state retirement pension from April 6, 2019.’

He recently also confirmed Treasury was ’in the process of reviewing responses, following a public consultation concerning proposed introduction of a new pension scheme, in order to extend pension freedoms, with a view to compiling and issuing a consultation response document in the future, and determining the next appropriate steps.’

In the UK, since 2015, holders of a private pension have been able to withdraw the entire amount as a lump sum, from the age of 55, without having to buy into an annuity scheme. That same year, Tynwald approved a motion to bring forward proposals to allow freedoms at least equal of those in the UK.

Mr Cannan has promised a fuller update in the Budget.