State pension reform at advanced stage

New scheme planned for next generation

The Treasury is preparing to unveil its plan for a new era of state pensions in the Island. 

Minister Eddie Teare told a parliamentary scrutiny committee on Friday (6 May) that a briefing for members is imminent.

He's already won Tynwald approval for changes to the system, including raising the retirement age and phasing-out the Manx pension supplement. 

In April, parity between the Isle of Man and United Kingdom state pension schemes ended, with the Manx government going its own way as part of a major overhaul of the welfare state.

The project's been driven by concerns over the diminishing National Insurance fund.

Mr Teare says the next set of reforms is aimed at the next generation of pensioners: