Tynwald receives report on National Insurance fund

Issue 'can no longer be ignored' says treasury minister

Is it time to start making some 'difficult decisions' to ensure the Island's pension fund doesn't run out?

Treasury Minister Alex Allinson is calling for a 'national conversation' on how to preserve the Manx National Insurance Fund - with four options currently being considered.

Yesterday (19 November) he presented a document to Tynwald outlining the scale of the issue and potential ways to resolve it - including potentially scrapping the triple lock - which could help stop the National Insurance pot being exhausted by 2047.

He told his fellow politicians the issue 'can no longer be ignored':

But the document as presented didn't seem to create resounding confidence in these Tynwald members:

Chief Minister Alfred Cannan, speaking on behalf of the Council of Ministers, echoed the treasury minister's sentiments:

But fellow Ramsey MHK Lawrie Hooper tried, and failed, to amend Dr Allinson's motion to add that Tynwald would 'support the four principles outlined in the document with the additional requirement that the value of the fund not be allowed to fall to beneath twice the annual expenditure of the fund':

Tynwald members voted to receive Manx National Insurance Fund report which you can read HERE.

In his closing remarks Dr Allinson told the court the policy decisions in the document were "not about raiding the fund":

You can read more about the debate HERE.