Manx Pension Supplement set to be phased out
There will be changes to the Manx state pension in coming years, after Tynwald last night approved Treasury's proposals.
The department is set to spend the next three years working towards their introduction, which would see a single-tier pension of £170 per week introduced in April 2019.
People's entitlements accrued under the current rules will be recognised, but the Manx Pension Supplement is set to be phased out.
The retirement age is set to go up to 67, phased in between 2026 and 2028.
Treasury member Bill Henderson MLC put the motion before the court.
He says there is plenty more work and debate still to come, particularly from when a state pension bill is brought before the House of Keys and Legislative Council:
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