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Manx Pension Guarantee plans causing confusion
Manx Newscast
Friday, 7 February 2025 - 11 minutes
The treasury minister says his department's plan for a Manx Pension Guarantee has triggered a 'national debate' but UK press attention has confused matters.
The measure, if approved by Tynwald, would mean the state pension - for those who retired after 2019 - would rise annually from April 2025 by either the preceding September’s figure for Manx CPI inflation or 2 percent, whichever is higher.
It's a bid to try and maintain the National Insurance fund which forecasts suggest will be depleted by 2047.
But in recent weeks a number of articles have appeared in the UK press stating that the Isle of Man is 'scrapping' the Triple Lock entirely.
Treasury Minister Alex Allinson returned to Manx Radio Breakfast this morning (Friday, 7 February) to address some of the questions and concerns being put his way.
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