Report claims Island's NI system is out of date, broken and unsustainable

Thursday, 6 November 2014 07:21

The Manx National Insurance Fund is out of date and unsustainable, according to a new report from the Treasury.

The Ci65 report released yesterday (Wed 5 Nov) concluded only a bold transformation would do if state pensions are to continue in their current form.

This follows a two-year deficit in the fund, not due to the credit crunch or VAT, but an ageing population.

Treasury member for social security MHK Bill Henderson says the government is now responding to these findings.

However, although things sound worrying, the National Insurance Policy Manager David Ireland says it could be worse.

He says in comparison to the UK, our position is actually fairly secure

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