Minister: no one will lose out under separate pensions

Teare says a top-up fund covers any shortfall

Treasury Minister Eddie Teare says people shouldn’t fear new pension arrangements which will see the Island and UK systems split apart.

After Tynwald approved a new reciprocal agreement earlier this month, new pension claimants from April 6 will get separate pensions from the Island and UK if they’ve paid into both pots.

Previously, contributions had been lumped together into a joint pension from both jurisdictions.

Mr Teare says nobody on the Island will lose out because there’ll be a top-up fund for those who would have seen a shortfall: