Government workers to pay more for their pensions

Fri, 14 Nov 2014

Chris Robertshaw MHK

Public sector workers and politicians will have to start paying more for their pensions to bridge a "funding gap".

A new report says the Government Unified System, which was introduced in 2012, hasn't achieved the savings expected.

For Tynwald members it would mean their contributions double to 10 per cent for newly elected members and 15 per cent for others.

Government workers would be expected to increase their contribution by three per cent - the retirement age would also rise from 55 to 58.

Policy and Reform Minister Chris Robertshaw says he understands this won't be welcomed by everyone: