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Tynwald updated on pension plans

Tynwald has been told the Isle of Man must be allowed to 'control its own destiny' when it comes to creating a new unified public service pension scheme for its 7,500 civil servants.

Chief Minister Tony Brown said the current situation, where changes were imposed from the United Kingdom, was 'untenable'.

In an update on controversial plans which would consolidate the 15 existing schemes, Mr Brown confirmed a three month public consultation would be launched on February 2nd, but an extension would be considered if necessary.

Mr Brown said government's priority was to secure affordable pension provision for its employees, well into the future.

He said that, without change, future generation would face 'significant financial challenges', with the current cost of public service pensions at £38 million a year, and rising by ten per cent a year.

He also stressed that, so far, nothing had been decided:

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