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Review of Public Service Pensions 5 May 2008

PROPOSALS in principle for the rationalisation and reform of the Island’s public service pension schemes will be presented to the May sitting of Tynwald.

The move follows a review and consultation undertaken on behalf of the Council of Ministers by the Glasgow-based actuarial firm Hymans Robertson.

A Council of Ministers report for Tynwald approval will set out a way forward for development of public service pension policy, including:

• Rationalisation of existing pension schemes to create a unified scheme for most staff, which will no longer be linked to UK schemes (apart from certain categories of staff such as teachers, police, firemen and the judiciary).

• Retention of a final salary basis.

• The scheme will be fully funded, with contributions from staff toward their own pensions.

There are presently 19 public service pension schemes on the Island with over 10,000 active members, with varying contribution rates and reciprocal arrangements. Some of the schemes are managed by the Civil Service Commission, while others are managed by the relevant employing Departments.

The Hymans Robertson review has been concerned with central Government, not local authorities. Arrangements for Tynwald were outside the scope of the review, as was the Isle of Man Post Office scheme, which is the subject of a separate review.

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