Jump to content
Manx Forums, Live Chat, Blogs & Classifieds for the Isle of Man

Phillip Dearden

Regulars
  • Content count

    269
  • Joined

  • Last visited

Community Reputation

220 Excellent

About Phillip Dearden

  • Rank
    MF Senior Member

Recent Profile Visitors

1,085 profile views
  1. AT LAST

    No, there is no fund. Pensions are paid out of current contributions and tax revenues. There is no shortfall, this was always the plan (whether it's a good plan is a good question). Nevertheless, your main point is still true, ie funding the pensions could affect services.
  2. Moorehouse Strikes Again

    If it's voluntary, it's a big nothing. If it's compulsory, it's tax - we already have that, sort of! [A tax deduction can still matter in a 0% environment. Some companies still pay tax eg banks and big retailers but also, taxable profits are taxed on distribution so deductions might end up being important, one day]
  3. Douglas Promenade Horse Tram Tracks

    I think, without checking legislation, that it is pretty protected ie can only be used for pensions and certain benefits. Nevertheless, Tynwald can change anything where it sees fit. I have not heard any MHK suggesting the NI fund should be tampered with and I suspect that they know there would be outrage it it were suggested but if the NI fund had £800m and other services were unfunded, it would be hard to ignore. My point was that if you did see the NI fund as untouchable, then the remaining ones are looking a bit weatherbeaten.
  4. Douglas Promenade Horse Tram Tracks

    So right. In 2010 Net Assets (Reserves plus Revenue Account plus Capital Account ie the lot) was £3bn. By 2017 this was down to £399m. Ask yourself how long that rate of attrition can continue? I suggest luxuries cannot be afforded anymore. [If you thought the NI Account was a separate untouchable fund, then the remaining funds/reserves would be negative £451m.] For those that don't like numbers, here's a picture.
  5. Douglas Promenade Horse Tram Tracks

    Agreed. They do seem to be sacred cows but I am not sure why.
  6. A popular decision

    The Hospital cost £111m and was recorded at that cost. I am a simple accountant and for me it stops there - the important questions were do we need a Hospital, where do we get the money, and did we get a fair price? These questions have been much debated in the past and don't need to be re-opened. The stuff about funds and transfers is all internal to the government and does not mean much from the outside. £44m plus 12m was transferred from the NI Fund to the Hospital Estate Development Fund. Every year a transfer is made from the HEDF to offset the loan charges (like depreciation) applied to the DHSC re the cost of the Hospital. In a roundabout way the NI Fund is paying for the DHSC to pay for the Hospital over the long-term. I can't see all the figures but I suspect the NI fund can't be meeting the full cost of the Hospital. If you think the Government has responsibility for health, benefits and pensions and uses cash to meet these obligations in the manner it sees fit, the NI transfer is a big nothing. If you believe the NI fund is sacred then you will be grumpy. If you really want to get hung up about Funds and Reserves, there are worse things to worry about.
  7. A popular decision

    Are you sure? Tynwald 11 April 1995 "Hon. members will note that the order contains some very stringent controls with regard to the transfer of moneys from the national insurance fund. In the first instance the surplus on the fund must be certified by the Government Actuary or his deputy. The amount to be transferred must be determined by the department with the consent of the Treasury but must not exceed the certified surplus or £44 million, whichever is the lesser amount. The order also provides that the sum of all such payments from the fund shall never exceed £44 million, and finally, any transfer will require the approval of Tynwald, and it was felt necessary to include these stringent controls which I hope serve to reassure hon. members and others. Assuming approval of the order, the enabling power would be used for a one-off purpose and that is to provide for a transfer of moneys to assist the funding of the new hospitals development." Although the transfer was limited to £44m, a further £12m was transferred in the period to 1999. It's all government money so I am not as sensitive or offended as some about this but I do think it was treated as a transfer from the NI fund to the Hospital Estate Development Fund. When John refers to entries in current accounts, he may be referring to the fact that some NI receipts are transferred every year to normal funds to assist in funding the Health Service - in accordance with a formula devised in the UK.
  8. Vision Nine Contract...

    This seems a good thing, if a bit late; "Recommendation 2 That the Economic Affairs Division should complete a detailed economic impact assessment of the TT and Festival of Motorcycling; and that a report on the assessment, including an explanation of the methodology adopted, should be laid before Tynwald by June 2018."
  9. Beware Living Hope false advertising

    Dinosaurs laid eggs...way before chickens.
  10. Beware Living Hope false advertising

    I had a head-on motorcycle crash with Milky once. He was very good about it and apologised a lot - I was very sore, he was laughing. My mates ran over and picked Milky up and asked how he was and fawned over him. After a while they came to see how I was and just moaned "you could have hurt Milky..." It was the only time I have met him and he seemed a very nice guy - but much much braver than normal on a bike.
  11. Boundary disputes

    Why, how? Surely a wild assumption. Swordfish mentioned a land dispute and no mention of Rob C. I am happy to accept that Rob C made an innocent error in thinking that Swordfish was Rob C's neighbour but how would Swordfish know that Rob C would make this assumption and that someone else would provide a court listing that included Rob C's earlier dispute? This is either a storm in a teacup or a very contrived conspiracy.
  12. Calling all teenagers to politics - NOW!

    We have to decide what our education system is for. A similar call is often made by industry bodies to the effect that the state should only pay for education that supports IOM industry. I can see the point of such am argument but I don't agree. I think that the purpose of our education system is to provide children of IOM taxpayers with the best chances of making something useful and fulfilling of their lives - which, given the narrow economy we have here, may well not be on the Island. I would pay the fees, if we can afford to. Young people involved in politics - got to be worth a try. A major failing of our system/leadership is a lack of long-term strategic thinking, if anyone is going to demand our politicians take a long-term view, it is young people.
  13. A popular decision

    Our NI is not (mostly) used to fund Health costs. It goes into the NI fund which pays for Retirement Benefits and some other benefits. A payment is made to assist Health Service costs but it is nowhere near to funding the Health Service.
  14. Merry Xmas & A Happy New Year From Your Caring Politicians.

    Employer NI at 12.8%, Employee NI at 11%, IT at 20% could mean that for a marginal £1 cost to the employer, you might take home 59.99p ie effective marginal tax rate of 40%! Splitting tax and NI and further splitting NI into employee and employer components disguises the fact that tax on employment is quite high. Having said that, for an education, a health service, a transport infrastructure, law and order and some administrative stuff - it may be that we don't pay quite enough?
  15. Merry Xmas & A Happy New Year From Your Caring Politicians.

    I actually agree with reducing costs but thank you for your kind words.
×