Public Sector Pensions back in the spotlight

Options for closing legacy funding gap explored

Tackling the public sector pension deficit is back on the political agenda this month.

Tynwald members will be asked to receive a report outlining options to close the gap between the money paid into the scheme, and that paid out to retired members.

It recommends Treasury looks at the feasibility of creating a voluntary defined contribution scheme, putting a cap on pensionable salary, and linking retirement age to the state pension age.

Vice-chair of the Public Sector Pensions Authority, Chris Thomas, says the report builds on a previous document published in 2016.