On Air Carnaby Street Chris Williams | 8:30am - 10:30am

Tynwald approves long hard look at public sector pensions

 

The full cost of meeting pension liabilities across the Island's public sector is to be added up.

 

A comprehensive valuation of all schemes - including Tynwald members' pensions - was unanimously agreed by the court this week.

 

Middle MHK Howard Quayle proposed the move in an amendment to a motion from Peter Karran, which focused just on the Tynwald scheme.

 

The Public Sector Pensions Authority has been tasked to suggest measures to reduce the current £35 million public sector pensions shortfall - the gap between what's going into the schemes and future liabilities.

 

A report's due back to Tynwald by December.

 

Among a raft of suggestions from Mr Quayle was an end to final salary schemes.

 

He said an alternative, based on salary paid each year of a working life, would be much fairer.

 

It's called Career Averaged Revalued Earnings - or CARE:

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