UK media attention causing confusion over Manx pension plans, says treasury minister

Allinson dismisses claims Island is 'scrapping' triple lock

The treasury minister says his department's plan for a Manx Pension Guarantee has triggered a 'national debate' but UK press attention has confused matters.

The measure, if approved by Tynwald, would mean the state pension - for those who retired after 5 April 2019 -  would rise annually from April 2025 by either the preceding September’s figure for Manx CPI inflation or 2 percent, whichever is higher.

It's a bid to try and maintain the National Insurance fund which forecasts suggest will be depleted by 2047 and will affect around 6,600 people.

You can find out more HERE.

The triple lock assures pensions will rise annually by inflation, average earnings, or 2.5 percent, depending on which is higher, and is linked via a reciprocal agreement with the UK.

Whilst it will remain in place for those who retired before 2019 (around 14,000 retirees) Alex Allinson says that could change if the UK Government decides to scrap it:

Meanwhile, Onchan MHK Julie Edge says she has concerns about whether proposed changes to the Island's pension triple lock comply with the Equality Act.

The proposals have attracted UK interest since, including with Education Minister Daphne Caine submitting a column in a the i newspaper with the heading 'I'm glad we scrapped the triple lock'.

You can listen to Dr Alex Allinson's full interview via Newscast below: