Approval sought for Single Tier Pension

Treasury will seek approval from Tynwald next week to introduce a Manx Single Tier Pension.

 

From 2019 the Second State Pension and Retirement Pension Premium Schemes will be replaced with a set rate of £170 per week.

 

35 years of National Insurance payments will be required - with a payment review every 10 years.

 

Minister Eddie Teare explains why the Island will be 'creating its own destiny' now that the UK has no control: