CHANGES to the age that men and women can claim their state pension are "entirely appropriate and financially necessary" according to the Island's Social Care Minister.
Chris Robertshaw MHK said taxpayers would be left with an unfair burden if the age did not rise.
A revision to the UK's Pension Act 2011 means women will have to work until the age of 65 to claim their state pension.
This change, affecting women born after April 5, 1953, will come into effect by November 2018 – 17 months earlier than planned.
The state pension age for both men and women will then rise to 66 by October 2020 – five and a half years earlier than currently provided for.
Social Care Minister Chris Robertshaw MHK explained: "The Island is seeing similar demographic changes to those in the UK and most other developed countries.
"It is entirely appropriate and financially necessary that given an ageing population and increasing life expectancy the state pension age should increase in order to manage future pension liabilities.
"If that did not happen future generations of taxpayers would face an unfair burden."
The changes to the UK Pension's Act 2011 received Royal Assent on November 3 and, under the Island's reciprocal social security arrangements with the UK, will be applied in the Isle of Man subject to Tynwald approval.
The state pension is provided on a 'pay as you go' basis and is financed by national insurance contributions from workers and their employers.
Under the UK Government's 'triple lock guarantee' the basic state pension is expected to rise by £5.30 a week – from £102.15 to £107.45 – from April next year.
Basic state pensions will then be uprated each April by either 2.5 per cent, the increase in average UK earnings or inflation as measured by the Consumer Prices Index.
This UK increase is applied to the Isle of Man under reciprocal obligations.
Originally the women's state pension age was previously set to rise from 60 to 65 to equal mens between 2010 and 2020 under changes to the United Kingdom's Pensions Act in 1995.
This was changed to the age of 66 between 2004 and 2026 under changes to the Pensions Act in 2007. The 2007 also provided for further increases to 67 by 2036 and to 68 by 2046.
More information about the new state pension age is available from the Department of Social Care's pensions forecasting unit by calling 01624 685432 or by e-mailing pensionforecasting.dsc@gov.im.
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