Retirement Pension Premium
What is it?
This scheme was introduced in the IOM from 1 October 1990 to assist people who were generally too old to have participated in the State Earnings Related Pension Scheme (SERPS) (people aged 75 or over), by providing a payment to stand in the place of the Additional Pension from SERPS.
Basic qualifying condition
To qualify for the payment of the Retirement Pension Premium (RPP) the following conditions need to be satisfied. You must, on or after 6 April 1999
- Be aged 75 or over
- Be ordinarily resident in the IOM
- Be entitled (or treated as entitled) to a Retirement Pension from the Department, and
- Have paid relevant contributions in the IOM for at least 10 years. The contributions of a spouse or deceased spouse count in certain circumstances
Transitional protection for those resident on 5 April 1999 provides for exemption from this contribution condition in certain cases.
How much could I get and how am I paid?
There is initial entitlement to a Retirement Pension Premium based on the basic retirement pension. If you receive the full standard rate of basic pension the initial Retirement Pension Premium is at the standard rate.
If you qualify for reduced rates of retirement pension the initial Retirement Pension Premium will be at an equivalent reduced rate. The initial entitlement is reduced by the amount of any elements of retirement pension deemed to be offsets for the purposes of this scheme to which you are entitled. If the total offsets are equal to or exceed the amount of Retirement Pension Premium, then a premium will not be payable.
Transitional protection provides for those resident on 5 April 1999 and entitled to or becoming entitled to less than the standard rate of basic pension to be entitled to a standard rate RPP.
There is normally no requirement for a separate claim to be made for the Retirement Pension Premium. Entitlement will be considered when you attain the age of 75 and you will be notified, whether or not you are entitled.
See benefits rates for further information regarding how much an eligible individual could be entitled to.