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:
Crogga still owes the Isle of Man Government money
DoI says works at Liverpool ferry terminal will take longer
Over 50 employment tribunals outstanding at the DoI
Free period products bill raises cost concerns for MHKs
Key road in Ramsey to re-open early this afternoon
Want to start training to become a nurse?
Appeal launched after fly-tipper filmed dumping rubbish
Prepare your pets for Bonfire Night, says Manx charity