NI fund would run out by 2050 without changes

Fri, 10 Feb 2012

The Island's National Insurance fund will run out by 2050 if action isn't taken.

That's the finding of a report due to go before this month's sitting of Tynwald.

The Government plans to raise the state pension age to 65 for women by 2018 and 66 for men by 2020.

The proposed changes mirror measures already being taken by the UK, and reflect changes in life expectancy.

The Island's fund is currently valued at £650million.

Tynwald will be asked to approve the report when it sits from February 21st.