IoM Government to consider impact and implications of UK triple lock changes

The subject will be a matter for the new administration

The implications and impact of the UK Government's decision to update the pensions triple lock will be considered by the new administration on the Island.

UK Prime Minister Andy Burnham has announced plans to overhaul the triple lock by 2030 to fund a new care service.

An Isle of Man Government spokesperson says the announcement has been noted with interest, and will be subject to full consideration in due course.

Treasury on the Island previously announced plans to move to a double lock system instead, but paused the plans following criticism.

The triple lock ensures those receiving the state pension see their payments increase each year by inflation, wage growth or 2.5 percent, whichever is higher.