A NEW look local government pension scheme will include more flexible benefits and new contribution rates in changes being proposed by the Department of Infrastructure.
The proposals have been issued in a document which is now out for consultation before seeking approval by Tynwald.
The department said today in a statement, “The new look scheme includes provisions which are designed to ensure that it continues to be viable and consistent and that it remains affordable and sustainable for the future.”
The Department of Infrastructure has a statutory responsibility for making superannuation schemes with respect to local authority employees and will be seeking Tynwald approval for a new scheme following the consultation period.
Member with responsibility for local authorities, Richard Ronan MHK, said, “The need for a financially viable and sustainable Local Government Pension scheme is particularly important at the moment, especially in these financially challenging times, so I hope that the proposals under consideration will be recognised as an essential move towards such long term sustainability.”
The department welcomes responses on the proposed Local Government Pension scheme from anyone with an interest in this matter.
All responses should be received by 5pm on Friday February 17. To obtain a copy of the draft scheme and other background information, contact Roy Corlett by e-mail roy.corlett2@gov.im or write to him at the Department of Infrastructure, Sea Terminal Building, Douglas, IM1 2RF.
