Pensions, Benefits and Allowances

Pensions, Benefits and Allowances

Most benefits will increase in line with inflation at September 2024 – reciprocal benefits with the UK by 1.7% (UK CPI) and others by 2.2% (Isle of Man CPI). 

• Manx State Pension is going up 4.1% to £251.30 in line with the triple-lock, after the treasury minister agreed more time was needed to build consensus on securing the fund and protecting pensions.  

• The Basic State Pension will also increase by 4.1% in line with the triple-lock to £176.45. 

• The Retirement Pension is going up by 3.5%. 

• Maternity, Paternity and Adoption allowances will increase by 3.5%. The Maternity Standard Allowance rate was £210.35 a week and will now rise to £217.71. The Maternity Payment is staying as a lump sum of £750. Maximum rates will rise from £241.50 a week to £249.95. 

• Bereavement Support Payment is going up 2.2% 

• Child Benefit is going up 2.2% and the number of families able to claim it will increase in April, as the thresholds to qualify for support will rise for the first time in a decade. They’re going up by £10,000 to a maximum of £90,000.  

• Disability Living Allowance is going up by 2.2%. The higher rate mobility component will go up by 1.7% as in the UK. 

• Employed Person’s Allowance (EPA), Income Support and income-based Job Seeker’s Allowance are all increasing by 2.2%. 

• Carer’s Allowance will rise by 2.2%. 

• Both long-term and short-term Incapacity Benefit are going up by 1.7%. 

• Attendance Allowance is going up by 2.2%. 

• Nursing Care Contribution will rise by 5.3%. 

• The Winter Bonus – an annual benefit aimed at helping vulnerable individuals with fuel payments – will increase by £50 to £400. 

Long-term Incapacity

The treasury minister wants to start implementing ‘back to work’ plans for those who are on long-term incapacity benefits where appropriate. 

Dr Allinson says an increasing number of people in receipt of these allowances are younger people with mental health issues – something he’s described as a real concern.

He says he plans to return to Tynwald in the coming months to announce a new programme to support these people in their return to work.

We expect more details to be announced at a later date.