Teare says a top-up fund covers any shortfall
Treasury Minister Eddie Teare says people shouldn’t fear new pension arrangements which will see the Island and UK systems split apart.
After Tynwald approved a new reciprocal agreement earlier this month, new pension claimants from April 6 will get separate pensions from the Island and UK if they’ve paid into both pots.
Previously, contributions had been lumped together into a joint pension from both jurisdictions.
Mr Teare says nobody on the Island will lose out because there’ll be a top-up fund for those who would have seen a shortfall:
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