This is a huge is a step forward for the Isle of Man. The triple lock means the state pension is uprated every year by either inflation, average earnings growth or 2. Is this policy, introduced in , still fit for purpose or is it time to bring it to an end?
Three writers offer their perspective: almost-pensioner Julie Burchill , former chancellor Kwasi Kwarteng and Daphne Caine, a Cabinet minister for the Isle of Man where the pledge has just been scrapped. The Isle of Man has a proud tradition of 1, years of continuous parliamentary self-rule.
This diamond-shaped isle in the middle of the Irish Sea is a crown dependency, enjoying greater autonomy from Westminster than Scotland or Wales. Everywhere the bright red Manx flag is proudly flown with its celebrated emblem of the Three Legs of Man, booted and spurred, and the accompanying Latin motto: quocunque jeceris stabit β whichever way you throw it, it will stand.
If approved at its parliament, Tynwald, in February it will apply to the 6, residents who reached state pension age after 5 April, and everyone retiring in future. Increases in future would be guaranteed either to a 2 per cent or Manx CPI uplift. The underlying issue is that retired people need to have a decent standard of living and not descend into poverty.
Unlike the UK it cannot budget for a deficit and borrow additional funds to make up any shortfall. In recent years the Isle of Man has dipped into its reserves. If we want to protect the NI fund from being wiped out we need to take action now to ensure future pensioners will have a state pension. While previous administrations on both sides of the Irish Sea should have made the break, they did not.
