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Politicians to contribute to pensions

Tue, 20 Mar 2012

Those elected to Tynwald after April this year will have to contribute to their pensions.

The Island's parliament has approved a new pension scheme which will see national politicians paying into their pension funds.

Whilst it won't be compulsory for those already sitting, they will be able to voluntarily contribute 3% of their salary from April, rising to 4% next year, and 5% in 2 years time.

Liberal Vannin MHK Peter Karran had called for the contribution rate to be increased, but his amendment failed to find enough support.

From the start of the new financial year, those entering Tynwald will have to pay into their pensions.


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