Pension schemes to be streamlined

The Council of Ministers is to progress a plan of action to streamline the Isle of Man's public service pension schemes.

Tynwald agreed with the broad principles set out by an independent Glasgow firm, which carried out a review of the Island's 19 schemes.

It concluded schemes should be simple to understand, affordable and administered in accordance with best practice, to avoid wasting money unnecessarily.

There were calls for a Tynwald select committee to consider the Hymans Robertson review and report back by December, but Chief Minister Tony Brown doesn't think that is necessary (audio file attached):

Tony Brown was speaking to Stuart Peters on Mandate.