Triple lock pensions pledge and targeted winter support package

Thu, 02 Nov 2023

The Isle of Man Government’s policy of mirroring the UK Government’s approach to the pensions triple lock will continue to be supported in next year’s Budget.

Treasury Minister Dr Alex Allinson MHK made the announcement today (November 2) while highlighting a series of targeted support measures to help the most vulnerable in our community with the cost of living this winter.

Minister Allinson said: “Today’s announcement is aimed at providing pensioners with reassurance on the issue as we head into winter. The matter has been considered carefully and will be subject to a further comprehensive review after April in terms of looking at how rises will be calculated going forward.”

Support measures to assist the vulnerable and those on low incomes this winter will be brought to the November sitting of Tynwald.

The Winter Bonus will be reintroduced after being suspended for a year while Energy Support Payments were instead provided.

The winter bonus, which is payable to certain people who get income support, is normally worth £350 but may be reduced if an individual shares responsibility for the payment of housing costs.

A Christmas Bonus of £40 will be paid to people who receive state pensions and certain other benefit payments for any day in the week beginning with the last Monday in November.

Minister Allinson said the “two bonus payments being brought forward next month are targeted at those who need it most”.

The Winter Bonus is expected to cost £800,000 and reach more than 900 pensioners and 1,350 working people; while the Christmas Bonus will benefit 25,000 individuals or families and cost around £1 million.

The provision of free TV licences for all residents aged 75 and over will be extended until the end of 2024. The existing arrangement was set to expire on December 31 but will now run for a further 12 months.

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