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Isle of Man Budget 2022-23


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19 minutes ago, Boris Johnson said:

Calling a tax expert, please help us here?

I am leaving the island for my retirement as I have said before Nobles is not fit and I will live a lot longer in the UK with better care if required. 

I want to be sure I can take my "Pot" with me.

I could well be wrong but I'm sure the system was altered a few years back so that once your pot is moved here it becomes entrapped for ever.

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19 minutes ago, finlo said:

I could well be wrong but I'm sure the system was altered a few years back so that once your pot is moved here it becomes entrapped for ever.

flinty flew the coop recently, he will know.  as british nationals get their pensions sent to them in spain i dont see why a manx pension can't be sent to the UK ?

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20 minutes ago, finlo said:

I could well be wrong but I'm sure the system was altered a few years back so that once your pot is moved here it becomes entrapped for ever.

Yes and no. If you have worked both here and uk, you now need to apply to both locations for separate pensions. You will then receive two pensions based on contributions and top ups. So for example, if you worked 25 years over there, then 20 years here, you can claim 25/35ths of a uk pension and 20/35ths of a Manx one. 

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1 hour ago, Boris Johnson said:

Calling a tax expert, please help us here?

I am leaving the island for my retirement as I have said before Nobles is not fit and I will live a lot longer in the UK with better care if required. 

I want to be sure I can take my "Pot" with me.

Cambon explanation is correct as several friends have just claimed & get more than locals who have worked same amount of years but only in IOM

however you don’t get the Manx supplement which is being phased out if you are not resident in Iom 

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  • 2 weeks later...

Ashie on the NPM, ‘government must protect those struggling the most’ mantra. I have no issue with this, I do have an issue with the uncontrolled spending, the wasteful and needless spending, the skewed spending priorities. If there was another emergency, on a par with COVID, how will IOMG cope?’

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1 hour ago, 2112 said:

Ashie on the NPM, ‘government must protect those struggling the most’ mantra. I have no issue with this, I do have an issue with the uncontrolled spending, the wasteful and needless spending, the skewed spending priorities. If there was another emergency, on a par with COVID, how will IOMG cope?’

Badly.  Government departments budgets and headcount need reigning in and priority placed on frontline workers, cull the 15 levels of management.

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1 hour ago, Derek Flint said:

On the pensions stuff; yes, two state pensions. Bizarrely I can also buy ‘top ups’ for some the years I was on Mann!

my police pension is paid gross and I am taxed at UK rates on it. 

Buying missing years is very good value for money, I'll be doing that myself.

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Posted (edited)
6 hours ago, 2112 said:

Ashie on the NPM, ‘government must protect those struggling the most’ mantra. I have no issue with this, I do have an issue with the uncontrolled spending, the wasteful and needless spending, the skewed spending priorities. If there was another emergency, on a par with COVID, how will IOMG cope?’

I've found that there is no chance of help if you have any savings. We are fortunate to have worked hard and got a house and have a few savings so even though the state pension is barely adequate to live on we can get no help, I know, I've tried.

The general attitude of gov, seems to be either sell the house or run your savings down. I'm afraid there is a lot of blood, (literally), sweat and tears invested in what we've got so I don't think that's  a reasonable viewpoint. We live a reasonable life but have to really watch the pennies and it's getting worse as time goes by, Our car cost £900 and at 75 I still do all our house and vehicle maintenance.

I'm not moaning at all, I've lived in the golden age, just observing that there seems to a generally accepted principal that if a person has not tried to build their own safety net either through ill fortune or just plain profligacy then the state falls over itself to help.

I think we will really struggle as the Manx supplement winds down. Depends whether I'm still alive I suppose.

Edited by doc.fixit
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Posted (edited)
20 minutes ago, doc.fixit said:

I've found that there is no chance of help if you have any savings. We are fortunate to have worked hard and got a house and have a few savings so even though the state pension is barely adequate to live on we can get no help, I know, I've tried.

The general attitude of gov, seems to be either sell the house or run your savings down. I'm afraid there is a lot of blood, (literally), sweat and tears invested in what we've got so I don't think that's  a reasonable viewpoint. We live a reasonable life but have to really watch the pennies and it's getting worse as time goes by, Our car cost £900 and at 75 I still do all our house and vehicle maintenance.

I'm not moaning at all, I've lived in the golden age, just observing that there seems to a generally accepted principal that if a person has not tried to build their own safety net either through ill fortune or just plain profligacy then the state falls over itself to help.

I think we will really struggle as the Manx supplement winds down. Depends whether I'm still alive I suppose.

Looking at the press release and related links, it does look as if the Energy Support Payment doesn't rule out having savings, just that your earning have to be less than £522.55 a week for a couple (£412.40 a week for a single person).  You do have to apply for it though (by 11 July).

Edited by Roger Mexico
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Posted (edited)
10 hours ago, GD4ELI said:

Buying missing years is very good value for money, I'll be doing that myself.

It is indeed. Around £700 per additional year purchased buys you an extra £5.78 per week pension, so you'll break even well within 3 years and then it's all profit. You do have to make sure that you live that long, otherwise you'll be well brassed off having given (even more of) your hard earned to the Treasury for nothing.

And yes, as has been said, nowadays the UK and IOM pensions are completely separate, so you have to claim them separately, but on the upside if you have the years paid up, you may well get a good deal more than under the old arrangements. You can purchase additional years, but you cannot purchase the same year in both jurisdictions. If you moved to the Island way back under the old fully reciprocal system, the year you moved and the year following it will have been remitted back to the UK, so your entitlement for those years will be in the UK and will not count towards your Manx pension.

Latest govt release on general pension info:

https://www.gov.im/media/1365128/msp5-april-2022.pdf

Edited by woolley
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16 hours ago, Roger Mexico said:

Looking at the press release and related links, it does look as if the Energy Support Payment doesn't rule out having savings, just that your earning have to be less than £522.55 a week for a couple (£412.40 a week for a single person).  You do have to apply for it though (by 11 July).

Thank you so much for brilliant information. Have been living off savings now since covid due to caring for now my terminally ill partner. We are not even old enough retired we have worked all of our lives and saved for what was to be a wonderful retirement. It's a mistake believe me, instead we should have been irresponsible and support would been thrown at us.

 

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20 hours ago, doc.fixit said:

think we will really struggle as the Manx supplement winds down. Depends whether I'm still alive I suppose

It doesn’t run down if you’ve already got it , it’s just new claimants get progressively less amount each year & it will never increase in line with inflation 

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