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Pensioners paying NI could raise over £2 million

Getting people who are over pensionable age to pay National Insurance contributions in the Isle of Man would add over two million pounds a year to the National Insurance Fund.

Treasury Minister Eddie Teare says the predicted amount of £2.25 million is based on figures from the 2011/12 tax year.

Mr Teare was reluctant to be drawn on the specifics of this idea, as he said the whole issue of pensions and contributions were being considered and this could not be taken in isolation.

But he said it would not be as simple as asking pensioners to pay, reminding the House of Keys that the Island had to adhere to an agreement with the United Kingdom

 

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