Pension plans about striking a balance - Shimmin

Tynwald will be asked to endorse proposals

Paying up to 50 per cent more for pensions and a reduction in future benefits is the stark reality facing thousands of the Island's public sector workers.

It follows Friday's announcement by the Public Sector Pensions Authority of plans to radically overhaul the Government Unified Scheme.

Tynwald will next month be asked to receive and endorse the proposals, ahead of a number of months of further consultation with unions.

The aim is to have it back before the court in November.

Policy and Reform Minister John Shimmin, in his role as vice chair of the PSPA, has worked on the report.

He says the report attempts to strike a balance between making the scheme pay for itself, whilst still remaining attractive enough to be in or join: