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Review of Public Service Pensions 18 July 2008

Terms of reference for further work following the independent review of public service pensions have now been agreed by the Council of Ministers and are published on the Government website.

Actuarial consultants Hymans Robertson have been asked to report to the Council of Ministers by the end of October this year on the design of a unified final salary pension scheme based on principles approved by Tynwald in May.

Tynwald agreed that the Council of Ministers should progress an action plan for such a scheme and report back to Tynwald with recommendations by December 2008.

The terms of reference for the next phase of work by Hymans Robertson are available at the Chief Secretary’s Office website www.gov.im/cso along with Q&A information on the pensions review.

Chief Minister Tony Brown MHK commented:

‘The future of public service pensions is a significant long-term issue for the Isle of Man Government, our employees and the Island’s taxpayers. It is important that all parties are kept properly informed at each stage as work progresses.’

Any comments or questions about the pensions review should in the first instance be sent by email to enquiries.cso@gov.im

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