Higher life expectancy means the island's state pension fund is likely to run out by 2047, its Government has warned
Higher life expectancy means the island's state pension fund is likely to run out by 2047, its Government has warned
Workers pay national insurance contributions, which are used to pay benefits including the state pension, and any excess money is moved into the NI fund. He said: “With an ageing population, the Isle of Man is facing increased health and welfare spending. “We encourage open dialogue on this important matter and look forward to the discussions at Tynwald later this month, where the focus will be on finding sustainable solutions that benefit the people of the Isle of Man.”
In the UK, Labour has committed to maintaining the triple lock but think tanks have warned it could become unaffordable within a decade. Every year in retirement, he receives around £12,000 from the state pension and a further £35,000 from occupational pensions. The pensioner moved to the island in 2007 when she retired, so only receives a small amount from the Manx state pension.
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