Tynwald approves long hard look at public sector pensions

The full cost of meeting pension liabilities across the Island's public sector is to be added up.

A comprehensive valuation of all schemes - including Tynwald members' pensions - was unanimously agreed by the court this week.

Middle MHK Howard Quayle proposed the move in an amendment to a motion from Peter Karran, which focused just on the Tynwald scheme.

The Public Sector Pensions Authority has been tasked to suggest measures to reduce the current £35 million public sector pensions shortfall - the gap between what's going into the schemes and future liabilities.

A report's due back to Tynwald by December.

Among a raft of suggestions from Mr Quayle was an end to final salary schemes.

He said an alternative, based on salary paid each year of a working life, would be much fairer.

It's called Career Averaged Revalued Earnings - or CARE: