The Treasury has published further information on changes to the Island’s state pension system due to be introduced on 6 April 2019.
These changes will not affect anyone who has already reached state retirement age before that date, and to ensure that all current pensioners are aware of this important point Treasury has recently written to them all.
The changes include the introduction of a new Manx Pension and the gradual phasing out of the Manx Pension Supplement over a period of 20 years.
A simple guide to the new system along with frequently asked questions can now be found on the Isle of Man Government website www.gov.im by following the homepage link entitled ‘Manx State Pension Reforms.’
Bill Henderson MLC, Treasury member responsible for Social Security, explained:
'The changes to Manx state pensions taking effect from April 2019 are designed to make the system simpler and more sustainable, so there is something left for those retiring 20 or 30 years from now - so the next generations will have a pension. UK Government Actuarial reviews have indicated consistently that without change the Manx National Insurance Fund would run out during the 2050's.'
'Over the past two years Government has produced a considerable amount of information on this issue, engaged in extensive public consultation, and contributed to significant media coverage. The new material now on the website is a clear and concise addition to the information that is already in the public domain. Further consultation is envisaged as the technical details are worked up, especially with Tynwald colleagues.'
Note: Pensions Image courtesy of Stuart Miles at FreeDigitalPhotos.net.