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:
Two city streets to shut for over six months
Revamp of airport terminal planned, says DOI
Four ferries now listed as cancelled today
One weekend sailing cancelled, others at risk because of weather
Politician questions risk of Easter meningitis outbreak
Firefighters tackle flat fire down South
Weather warning for storm Dave this weekend
Roads to close for music festival this weekend