Changes could start within three years
Treasury Minister Eddie Teare says he believes proposed changes to the Island's state pension scheme will achieve fairness across the generations.
On Tuesday Tynwald will be asked to approve wide reaching changes to the scheme - which would see a single state pension of £170 per week, with increases linked to average earnings.
Changes contained within the proposals would start to come in from 2019.
Speaking on Sunday Opinion, Mr Teare says doing nothing isn't an option if we want to ensure the NI fund isn't exhausted within a few decades.
IOM Government welcomes temporary ceasefire in the Middle East
Chris Thomas MHK confirms intention run for re-election
'Bad Sisters' star joins TT film cast, say reports
"When you're delivering healthcare on an island, your costs are going to be higher"
A3 road closed near South Barrule plantation