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Pensioner NI payments could boost fund - Karran

 

An Onchan MHK is to raise the issue of national insurance contributions for those who continue to work beyond the state pension age, in the House of Keys this week (6 May).

Peter Karran says hard decisions have to be made about the Island’s NI fund, described by government as in rapid decline.

The Liberal Vannin party member has tabled a question to the Treasury minister, asking how much money would be added to the fund if workers over pension age continued to make national insurance contributions.

Lib Van recently published its response to deepening concerns over the future of the fund, which pays for state pensions, social security benefits and the Manx pension supplement.

It says former Treasury ministers did not grasp opportunities to raise NI contribution rates in line with the UK during the past 10 years - and asks why not, in view of the emerging problems.

Treasury minister Eddie Teare will present the latest UK government Actuary Department's report - which projects likely income and expenditure for the fund - to Tynwald this summer.

Mr Teare says the last report indicated there was no immediate need to increase national insurance rates.

Peter Karran says his concerns over the issue date back some eight years:

 

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