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More on latest pension consultation

by isleofman.com 25th January 2011

A new pension package is being put to 6,500 public sector staff in the Isle of Man.

The detailed design of the government's single, unified scheme is going out for another round of consultation.

Public sector pension reform has been on the agenda since 2007 and the new Government Unified Scheme, or GUS for short, is set to replace 15 existing schemes.

Key aims are to streamline pensions provision and reduce the future burden on taxpayers.

The new scheme will offer similar benefits to staff, but they will have to pay higher contributions.

Chief Minister Tony Brown says that proved the most acceptable option during an extended consultationc(play audio file):

A three month consultation is under way on the details of the scheme, which will then go to Tynwald for final approval.

The target date for introduction is April 2012.

Clip 1
Posted by isleofman.com
Tuesday 25th, January 2011 07:48pm.

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