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Manx Newscast: Change of plan in proposals for 'Manx Pension Guarantee'
Manx Newscast
Thursday, 13 February 2025 - 12 minutes
In a matter of days the Isle of Man Treasury was set to propose changes to the Manx State Pension, but this morning we're hearing there's been a change of plan.
The so-called Manx Pension Guarantee would have seen those on the pension from 5 April 2019 onwards diverted away from the triple lock - starting this year.
It proved to be one of the most contentious issues with members of the house of keys this week pushing to debate that decision separately from the Budget.
So, instead, 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.
Treasury Minister Alex Allinson spoke to Lewis Foster live on Manx Radio Breakfast to explain exactly why this move has come about - and what happens next.
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