Pension changes highlighted by Treasury

Sat, 27 Aug 2016

Treasury has written to all pensioners on the Isle of Man to explain the changes to the Island's state pension system.

Changes will come into force in April 2019 - they include the introduction of a new Manx pension and the gradual phasing out of the Manx Pension Supplement over the next 20 years.

Treasury says it's designed to make the system 'simpler and more sustainable'.

It claims there has to be something left in the pot for those retiring in 20 or 30 years' time so the next generations have a pension.

Without change it's believed the Manx National Insurance fund would run out during the 2050s.

People who've already reached the state retirement age before that date won't be affected - anyone who wants further information can find it on the government website.