Anyone who turns 65 on or after 6 April 2019 affected
Proposed changes to the Manx state pension have been spotlighted, in a new document from Treasury.
An online guide explains what changes former and current workers should expect.
Plans have been in the works for some time, but have still yet to be formally enacted by Tynwald.
The proposals will affect anyone who turns 65 on or after 6 April 2019 – anyone who’s already receiving a pension prior to that won’t be affected.
As we already know, the new benefit will be a flat rate of £170/week; on condition that you've paid your National Insurance for at least 35 years.
Years worked in the UK do count.
Following the cutoff date in 2019, the Manx Pension Supplement and Additional Pension bonus scheme will be scrapped.
The retirement age is also set to rise - to 66, for both men and women, before October 2020; and then to 67 by 2028.
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