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Revised pension proposals published

The Isle of Man Government has released details of the changes to its original public sector pension proposals, brought about as a result of a consultation exercise.

Around 800 people responded to the original Hymans Robertson report, and the revised proposals will be presented to Tynwald in the spring.

Virginia Burke, of 'Hymans' told Manx Radio about two of the significant changes:

"Instead of having two levels of benefit - we had previously a core and supplement - we now have a single level of benefit, which provides a pension pitched in between what we had before.

"So it's targetting a pension of two-thirds of pay, payable from age 65 to somebody who has got a full career in the public sector.

"One of the key changes for existing members is that they will now have the opportunity to protect their existing pension and lump sum, at their current scheme's normal pension age.

"They will have to pay more to do that, but that we believe will be welcome by members."

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