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Henderson explains pensions changes

Island won't follow UK

Changes to Manx state pensions are to be put before Tynwald.

It comes after a recent overhaul of the UK system, which the Island will not be following.

Under the new rules, pensioners with an employment history in both countries will receive two separate social security cheques.

Safeguards will also be put in place to ensure Manx workers don't lose out on the 46% Manx Pension Supplement.

It's expected to cost around £250,000 per year - but it's said to be an 'interim measure' ahead of a full review of the Island's pension reserves in the years ahead.

MLC and Treasury member Bill Henderson explained what the changes entail:

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