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Consultation to gather views on workplace pensions

Thursday, 11 July 2019

A consultation has been launched today asking for views on pensions and the role the Isle of Man Government can play in enabling people to save for their retirement.

There are two sets of questions – one for employees and another for employers – which can be accessed online at the Isle of Man Government’s consultation hub.

A key theme of the consultation is the possible creation of a Manx workplace pension scheme to supplement an individual’s retirement income from the Manx State Pension, which is currently £184 a week for those who have contributed for 35 years or more.

In addition to mandatory state pension contributions, Manx workers can voluntarily contribute either to a pension scheme provided by their employer or a personal pension plan. Both are intended to provide greater financial security in the form of an annual income.

However, according to research undertaken by the Financial Services Authority last year, almost half of workers aged under 35 are not presently saving for their retirement.

The consultation aims to explore why this is the case and what can be done to help people safeguard their futures, particularly those on low incomes.

Treasury Minister Alfred Cannan MHK said:

‘This is an extremely important issue and the consultation process will enable us to gather information and assess the role Government may play in helping people save for retirement.

‘I encourage everyone to take the time to provide their views and ensure we hear from all ages and backgrounds.’

The surveys, which may be downloaded, can be found by visiting the Isle of Man Government’s online consultation hub.

For those unable to access the consultation hub, a paper version of the consultation can be requested via treasury@gov.im, or by calling +44 1624 693827.

The process will run for six weeks and conclude on Friday 23 August 2019.

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