Pension changes put out to consultation

Mon, 24 Jan 2011

Chief Minister Tony Brown MHK

A new pension scheme for public servants could be brought in by 2012, replacing 15 existing funds.

Plans for the Government Unified Scheme are going out to public consultation from today for a three-month period.

The scheme is scheduled to go before Tynwald in June and, if approved, would be brought in in April 2012.

For many current public sector workers, the changes would mean contributing more to maintain their current benefits.

Chief Minister Tony Brown says without these changes, the pension fund will be empty in 20 years [play clip]