Taxpayers pay quarter of a million to retain current pension

Fri, 30 Oct 2015

State pension benefits won't change next year - something which will cost government an extra £250,000.

Treasury doesn't expect basic pension figures to change regardless of the introduction of a new UK Government structure.

Revisions will affect residents looking to draw their pension from both the UK and the Isle of Man for payments made in both jurisdictions.

In response Treasury has announced proposals to introduce a top-up system and amend the Manx Pension Supplement.

Member responsible for Treasury MHK John Houghton says more work needs to be done to perfect it: