Budget 2026: Pensioners set to receive almost 5% uplift

Treasury also increasing most other benefits

Increasing benefit and pension payments on the Isle of Man will cost £13.8 million over the next year.

The basic state pension and Manx state pension will both rise by 4.8 percent in line with the triple lock commitment.

Treasury has outlined the plans as part of the 2026-27 Budget and confirmed it will continue to follow UK policy on state pensions.

The triple lock arrangement will remain in place until the end of the current UK parliament.

• People in receipt of the basic state pension will receive £184.90 per week – an increase of £8.45.
• Those in receipt of the Manx state pension will receive £263.55 per week – an increase of £12.25.

Most other benefits will increase in line with the inflation rate as of September 2025.

Reciprocal benefits with the UK will jump by 3.8 percent, as measured by the UK Consumer Prices Index (CPI), and all others by 2.9 percent as measured by Isle of Man CPI.

Almost £303 million of welfare benefits will be funded by National Insurance in 2026-27 – an increase of £24.2 million from the last financial year.

General revenue will fund £95.7 million of welfare benefits – an increase of £7.8 million.

Treasury says the figures are driven by the annual uprating and increasing claimant demand.

You can find out more about Budget 2026 by clicking HERE.