Pensions triple-lock to be kept this year?

The government says it's not dumping the pensions triple-lock during next week's budget.

Treasury Minister Alex Allinson says under new government proposals, pensions are set to rise by 4.1 per cent - if Tynwald approve the changes.

The news comes after the government revealed it was considering abandoning the triple-lock system to increase pensions each year.

The triple lock meant each year, pensions rise by the highest out of inflation, average wage rises or 2.5% - Dr Allinson says the government planned to replace it with a 'Manx Pension Guarantee' which increased pensions by either 2% or inflation.

He says he's hoping to hold a public consultation after Tynwald members demanded more say on future proposed changes.