Crucial stage in pensions overhaul

Members asked to take a six per cent cut

The Vice-Chair of the Public Sector Pensions Authority says the Island is at an important stage in tackling the crucial issue of ensuring public sector pensions are sustainable.

Chris Thomas was speaking ahead of the end of a consultation with the 7,000 plus members, which finishes on the 6th of January.

Its members are to consider taking a 6% cut in benefits - whilst increasing their contributions by 2.5%.

Mr Thomas says if members agree with the recommendations, then a new type of arrangement can be brought to February's sitting of Tynwald.