Isle of Man News - POSTED Mon 02-03-2015

Pension and benefits reform meetings

by Joanne Clague

Pension and benefits reform meetings - picture

The need to protect the future of state pensions and benefits will be the topic of a series of public meetings this week.


Treasury Minister Eddie Teare says the meetings are part of a consultation exercise on proposals for a 'bold transformation' of the system, which has been described by consultants employed by the government as out of date and too complex.


Mr Teare says how to reform will be one of the most important decisions to be made since the introduction of the welfare state. Proposals include raising the state pension age, introducing a minimum of ten years NI contributions before any pension payment can be made, compulsory workplace pensions rather than allowing people to rely on the state pension alone and a benefit cap similar to the UK where no family can receive more than £500 per week in total benefits.


The first public meeting is tonight (Monday) at the Manx Museum in Douglas. Meetings will be held tomorrow (Tuesday) at Bunscoill Rhumsaa in Ree Gorree assembly hall, Ramsey, on Wednesday at the Erin Arts Centre in Port Erin and on Thursday at the Centenary Centre in Peel. All are for a 7pm-7.30pm start.


Watch our MTTV interview with Treasury political member Bill Henderson MHK when the proposals were first unveiled at http://www.manx.net/tv/mt-tv/watch/67936/major-changes-to-manx-pensions-


 


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