Manx National Insurance Fund - sustainability report
A new report on the Manx National Insurance Fund includes analysis from GAD. It includes options to ensure long-term funding sustainability.
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The Isle of Man Treasury has published 바카라 사이트楾he - Addressing the long-term sustainability of the Island바카라 사이트檚 Social Security Benefits and National Insurance Scheme바카라 사이트�.
This report includes analysis carried out by the 바카라 사이트 Actuary바카라 사이트檚 Department (GAD).
Background
GAD carries out a review of the Manx National Insurance Fund every 5 years for the Isle of Man Treasury. These reviews assess the financial position of the Fund and project how it is expected to change over the next 60 years.
The most recent review was carried out in 2022 and showed that, without any additional financing, the Fund is projected to be exhausted by 2048. Following this, the Isle of Man Treasury worked with GAD exploring how potential changes to the benefits paid out of the Fund would impact its financial position.
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Sustainability report
The Isle of Man Treasury has used GAD바카라 사이트檚 analysis to feed into its considerations around the long-term sustainability of the Fund and has now published a report summarising its position.
The report sets out the background of the Isle of Man바카라 사이트檚 Social Security scheme. It also includes the options the Isle of Man Treasury is considering, to ensure the long-term funding is sustainable and Fund exhaustion is prevented.
GAD actuary, Laura Young, has been leading the actuarial work and said: 바카라 사이트淚t has been very interesting to work on the Manx National Insurance Fund and see our calculations being used by the Isle of Man Treasury to consider key policy decisions.
바카라 사이트淜nowing our analysis will be read and discussed by senior figures within the Isle of Man government is really exciting and I am proud that GAD바카라 사이트檚 work is feeding directly into such an important debate.바카라 사이트�
GAD showed the impact of various changes in benefit increases which have been included in the sustainability report. The Isle of Man Treasury plans to engage with Tynwald Members and provide a further report ahead of their next budget in February 2025.