Isle of Man: Claim your state pension at 74Posted by Olderiswiser Editorial
Tom McPhail responds to the Isle of Man National Insurance review
If you think we’ve got challenges with our state pension, be glad you don’t live in the Isle of Man. A review of their National Insurance system has proposed increasing their state pension age to 74 for anyone born after 2011.
We’re not quite in such radical territory yet, here in the United Kingdom and there are important differences between The IoM and the UK. In terms of demographics and the support ratio of workers to retired population, the challenge in the IoM is more severe than in the rest of the UK. Nevertheless there are also some close parallels and the scale of radical reform called for by this review in the IoM points to the kind of shift in state pension provision that we should expect over here in the longer term.
https://www.gov.im/media/1346144/review-of-social-security-and-ni-systems.pdf (see pages 117,118)
Key recommendations for the Isle of Man in the review:
- Extend qualification period for full state pension to 45 years
- Single tier state pension at a starting rate of £180
- Workers continue to pay NICs past state pension age
- Link State Pension Age to longevity such that retirement makes up 30% of working life: projected to lead to an SPA of 74 for those born since 2011
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