Latest News Headlines
On-Air Now
Listen Live

Tynwald approves new public sector pensions scheme

Wed, 22 Jun 2011

Chief Minister Tony Brown MHK
Chief Minister Tony Brown MHK

Tynwald has approved changes to public sector pensions

Under the Unified Pension Scheme, current workers will pay a 5% contribution rate, getting two thirds of their final salary upon retirement.

The changes will start from April next year.

Those already in the scheme will be able to pay extra to protect their current pensions package.

Without the changes, it was estimated that the pensions reserves would have been empty within 20 years.

Tynwald will have control over changes to the scheme, and the link with the UK will be broken.

Tony Brown says it's been a lengthy process to get the scheme drawn up [play clip]



  • Tony Brown MHK


Subscribe to get Energy FM News direct to your mobile device

You can get Energy FM News delivered direct to your mobile device using one of the following methods.

  • In the Apple News App on iOS search for Energy FM IOM and then just add it to your favourites
  • In the Google News & Weather App just search for Energy FM and then add us as a customised section
  • If you use an RSS Reader then just add our feed to your app, click here for our news RSS feed