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Key vote on future of public sector pensions

Claims that they will make schemes sustainable long-term

A crucial vote on changes to public sector pensions in the Island is due in Tynwald today (19 April).  

Lengthy negotiations between government, staff and unions have produced a series of proposals for reform - including later retirement, higher contributions and a downgraded future benefits package.

Millions of pounds from the government's pension reserve fund are being injected annually to meet the shortfall in covering pension costs.

However, the reserve is expected to run dry in five years time.

The Public Sector Pensions Authority says its proposals will make the schemes sustainable long-term - but five MHKs have already signaled they will not vote in favour.

Chief Minister Allan Bell is urging all members to consider what's at stake:

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