Economist calls for retirement age to be increased to mid 70s

HSBC's James Pomeroy says current state pension age is 'unsustainable'

The Island's retirement age needs to be increased to 72 or 73 because the cost of the ageing population is unsustainable, according to an economist.

James Pomeroy from HSBC says governments in the west, including the Isle of Man, have to make some tough decisions.

Currently, the state pension age on the Isle of Man is between 65 and 68 depending on an individual's year of birth.

But Mr Pomeroy, who was on the Island recently to attend the government conference, says a smaller proportion of the population being of working age makes that a challenge:

Treasury Minister Alex Allinson will be speaking on this topic live on Manx Radio Breakfast after 8am today.