Treasury minister will present Tynwald members with options this month
The treasury minister says it's time to start making what could be seen as difficult decisions to ensure the Island's pension fund doesn't run out.
A report published last year predicts the National Insurance pot could be exhausted as soon as 2047 if changes aren't made.
Alex Allinson will present a document outlining a number of options in this month's Tynwald sitting, including potentially scrapping the triple lock.
Dr Allinson warns doing nothing isn't an option:
It's thought proposals to increase the pension age or increase the number of qualifying years required for a full pension would have little impact, while Treasury says it's not considering increasing NI due to the need to remain an attractive location.
However, a former treasury minister says he's disappointed it's taken so long for government to start looking at options.
During Eddie Teare's time as minister, a similar report predicted the fun would run out in 2054.
The former Ayre MHK believes action could have been taken sooner:
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