The Council of Ministers has published revised proposals for reform of public service pensions in the Isle of Man, taking into account feedback received during the six-month consultation on the issue earlier this year.
Further comment from interested parties is now being invited, before Tynwald approval is sought early in 2010 for the proposed design of a new unified scheme. If approval is given, a detailed finalised scheme would be drafted to go out to formal consultation.
Government is seeking to reform public service pension arrangements to make them simpler, less costly to the taxpayer, and less vulnerable to UK changes over which the Island has no control.
Chief Minister Tony Brown MHK commented, "The Council of Ministers always said it would listen to responses submitted to the consultation and that is exactly what has happened.
"Staff and other stakeholders now have another opportunity to comment, and indeed there will be further period of formal consultation if Tynwald approves the scheme design."
The Chief Minister added, "This exercise is all about securing the future of the Island’s public service pensions in a way that is fair to staff and fair to the taxpayer. In the current fiscal climate that task is more important than ever."
The revised proposals for public service pension reform can be read in full at www.gov.im/cso/pensions.
