Treasury to propose pension rise in line with UK policy as debate on long-term sustainability continues
The Isle of Man Treasury will propose a 4.1 percent increase to both the basic Retirement Pension and Manx State Pension in next week’s Budget, aligning with the UK’s triple lock policy.
The decision follows a debate in the House of Keys on the future uprating of the Manx State Pension, where MHKs called for greater public consultation on changes aimed at ensuring the long-term sustainability of the National Insurance Fund.
You can read more on that HERE.
Treasury Minister Alex Allinson said more time was needed to build consensus on securing the fund and protecting pensions.
He confirmed plans to work with Tynwald Members to launch a public consultation in the coming months.
The debate was prompted by two reports warning that, without intervention, the National Insurance Fund could be depleted by 2047.
A further motion on the future of the scheme is set to be brought before Tynwald in April.
Dr Allinson said: "After listening to the debate, it is clear that more time is needed to ensure there is consensus around the best way to secure our NI Fund and protect pensions in the future.
"I will be working with Tynwald Members over the coming months to establish a public consultation so all views can be heard and a sustainable policy agreed."
The treasury minister will be joining us live this morning on Manx Radio's Breakfast programme at 8:10am to discuss the changes.
Email your questions to studio@manxradio.com or text 166177.
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