Tynwald rejects reform of members’ pensions

Peter Karran.  Dept of Ed. Hamilton Hse.

Peter Karran. Dept of Ed. Hamilton Hse.

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Tynwald members have rejected an attempt to radically alter their own pension arrangements.

Onchan MHK Peter Karran (Liberal Vannin) wanted them to agree to switch the scheme from salary pensions to money purchase schemes to cut pension liabilities.

He asked Tynwald to agree to a new scheme being brought in straight after 2016’s general election to avoid building up deficits to Tynwald pensions.

However, an amendment from Middle MHK Howard Quayle will now see the government’s pensions working group look at the issue and report back by December.

Last week, Mr Karran said members had to lead by example.

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