RETIREMENT PENSION

What is it? | Basic qualifying condition | How much could I get and how am I paid? | How and when should I apply? | What else might I be able to claim?

Claim form	Request one by filling in our online form
Tel :	01624 685176
E-mail :	pensions@socialsecurity.dhss.gov.im

What is it?

Retirement Pension (RP) is paid to you if you are aged 60 (women) and 65 (men) and certain contribution conditions are met. It is not affected by earnings.

From 2010 onwards the State pension age for women will be increased gradually from 60 to 65 until 2020, when it will be fixed at 65 for both men and women.

Specifically

women born before 6^th April 1950 will not be affected - they will still be able to get their State pension at 60
women born between 6^th April 1950 and 5^th April 1955 will have a State pension age between 60 and 65
women born on or after 6^th April 1955 will have a State pension age of 65

Categories of Retirement Pension

Category A - is based on your own National Insurance record or, for certain divorces and civil patnership dissolutions, on the record of your former spouse or civil partner
Category B - is payable to married women, civil partners, widows and widowers based on the National Insurance contributions of your spouse or civil partner
Category D - is a non-contributory pension payable to certain people over the age of 80 who do not qualify for a contributory Retirement Pension

For further information please download the documents below.

Basic qualifying condition

To qualify for RP you must have -

paid at least 50 Class 1, Class 2 or Class 3 contributions before 6^th April 1975; or
paid at least 50 Class 2 or Class 3 contributions or earned 50 times the lower earnings limit in any one tax year in the three years between 6^th April 1975 and 5^th April 1978 and paid Class 1 contributions on those earnings, or
paid 52 Class 2 or Class 3 contributions or earned 52 times the lower earnings limit in any one tax year from 6 April 1978 and paid Class 1 contributions on those earnings.

To qualify for a 100% basic pension, 90% of the years of your working life must be "qualifying years". So if your working life is 49 years or more, you will need to have 44 qualifying years in your working life. If you do not have enough qualifying years to get 100% basic pension, a reduced pension can be paid, but at not less than 25% of the basic pension.

"Qualifying years" are those in which you have paid or been credited with sufficient National Insurance contributions for a pension.

How much could I get and how am I paid?

Retirement Pension consists of different components:

Basic Pension - based on the qualifying years throughout the customer's working life
Additional Pension (AP) under - SERPS (State Earnings Related Pension Scheme), based on your earnings between 6 April 1978 and 5 April 2002, and the State Second Pension (also known as S2P), based on your earnings since 6 April 2002.
Graduated Retirement Benefit - based on contributions paid between 6^th April 1961 and 5^th April 1975.

Payment is made from the first benefit pay day after a customer reaches State pension age. Click here for Rates.

You can have your pension paid weekly by orders which you can cash at a Post Office, or you can have it paid every 4 weeks direct into your bank or building society account (your bank or building society account must be held in the Isle of Man), or yearly if your pension entitlement is £5.00 a week or less. This will be paid at the same time as the Christmas Bonus.

How and when should I apply?

A claim form (RP1) is sent to the latest address held on record, four months before you reach pension age. The claim form should be returned to the Department's Head Office at Markwell House, Market Street, Douglas. The onus is on you to obtain and submit a claim form at the correct time.