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Pension scheme approved by Tynwald members

Tynwald members have approved a new pension scheme which they will pay into.

As of April 1 all existing members who sign up to the scheme, which is optional for them, will pay 3%, rising to 4% next year and finally 5% by April 2014.

It is only compulsory for those who enter Tynwald after April 1 this year.

An amendment brought forward by Onchan MHK Peter Karran, which called for higher contributions, was defeated easily, only finding favour with six of the 29 members in attendance today.

During the debate members who said they backed Mr Karran's amendment were heavily criticised by some, most notably West Douglas MHK John Shimmin:

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