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Pensions review makes unhappy reading

Members of Tynwald will face a stark prediction of a bleak future for state pensions later this month.

The Department of Social Care will lay a report into the Isle of Man's National Insurance Fund before the court at the February sitting.

Among other things, the review says rising life expectancy and people drawing pensions for longer means the fund will run out in less than 40 years.

The Department of Social Care says the review's conclusions haven't come as much of a surprise, and if the government does nothing, the £650million fund will run dry in 2050.

After painting a picture of doom and gloom, the department says plans are already in place to raise the state pension age to 66 by 2020.

And that could rise further, after the UK suggested the age would be 67 by 2028, followed by further rises in line with life expectancy.

After the report has been laid before the court, the Department of Social Care and the Treasury will come back to Tynwald later this year, following a review of benefits and pension policies.

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