Moves to switch Tynwald members from final salary pensions to money purchase schemes to cut pension liabilities have been defeated at this month's sitting of the court.
Onchan MHK Peter Karran wanted a new scheme brought in straight after 2016’s general election to avoid building up long-term deficits to Tynwald pensions.
However, an amendment was put forward by Middle MHK Howard Quayle which substantially broadened the scope of the motion. Mr Quayle suggested just looking at members' pensions didn't go far enough, as savings would be insignificant. He told the court that cynics may regard the move as tokenism.
Mr Quayle's amendment called for the Public Sector Pensions Authority to undertake a full and comprehensive valuation of the Government Unified Scheme, Tynwald Members' pension schemes and relevant pension schemes as applicable.
With the Pensions Working Group, it would then report to Tynwald by December of this year on the feasibility of implementing further cost sharing and other measures to reduce the long term liability in order to provide for a sustainable and fair pension scheme.
This amendment was unanimously agreed by the court.
Mr Karran says he’s disappointed members didn’t grasp the nettle and take action:
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