Reforms could see staff pay more for less
It’s one of the most important debates in the court’s recent history.
The Council of Ministers was recalled last night following the sitting to discuss an issue which threatens to divide the court.
So far, four of the six members to speak have opposed reforms which would see staff across public services pay up to 50 per cent more in pension contributions for reduced future benefits.
The Public Sector Pensions Authority says its proposals will make the schemes sustainable long-term.
However, opponents say the PSPA's reform package does not go far enough and fails to address what is called the 'legacy' funding gap, between total scheme income and pensions paid out.
Opponents, led by Michael MHK Alfred Cannan who has tabled a lengthy amendment, believe the plans are flawed and would expose the taxpayer to unacceptable levels of financial risk.
Chief Minister Allan Bell told colleagues he felt given the importance and implications of the matter, it would be beneficial for everyone to reflect overnight and continue their deliberations this morning rather than sit late.
Twenty-six members supported his call with only four against.
Tynwald will reconvene at 10.30am. Full coverage on Manx Radio.
