Isle Of Man / Ellan Vannin

Increase in pension for Manx public sector workers

Retired public sector workers in the Isle of Man will see a rise in their pension from next month, the government has confirmed.

It will rise by 3.1%, under an order to be laid before the March sitting of Tynwald, a Treasury spokesman said.

As required by law, the increase is the same as that in the UK.

From 1 April, the UK's state pension will be based on the Consumer Prices Index (CPI) rather than the Retail Prices Index (RPI).

The CPI and RPI calculate the rate of inflation slightly differently - the CPI excludes some housing costs such as mortgage payments and council tax, for example.

Isle of Man Treasury minister Anne Craine said: "This order provides for the annual increase to public sector occupational pensions to allow for rises in the cost of living.

"It is important that this established policy is maintained in order to protect the affected pensioners' real incomes."

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