Government plans end of triple-lock for Manx State Pension

The government says it's scrapping the pensions 'triple-lock' for people who retired after 2019.

It says it'll replace the system with a 'Manx Pension Guarantee' which would see the Manx State Pension rise by 2% or by inflation each year.

At present, they go up by the highest of 2.5%, the rate of inflation or the average wage increase.

The changes, if approved by Tynwald next month, will come into effect in April.

Ministers say without making changes, the national insurance fund that pays for pensions will run out in around 20 years' time.