Pension supplement may be ended

Tynwald buildings, Douglas

Tynwald buildings, Douglas

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There is broad support for phasing out the Manx pension supplement for new pensioners over a 20 year period, according to Treasury Minister Eddie Teare.

Mr Teare told members of the House of Keys the findings were based on replies given to a recent consultation on social security reform.

The increase in the cost of the Manx pension supplement from 2012 to date was £2.22 million for the tax year 2012-13; £1.53 million for 2013-14 and £1.69 million for 2014-15.

He told Keys members a strategy document was to be presented to Tynwald this month setting out Treasury’s recommendations for reforming social security and national insurance.

Speaking in 2012, then Social Care Minister Chris Robertshaw said the Manx pension supplement, of just under 50 per cent, introduced after Margaret Thatcher cut the link between average earnings and the state pension, was safe until 2016.

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