Plans to close the current pension scheme for Deemsters will go before Tynwald next week.

Chris Thomas, vice chairman of the Public Sector Pensions Authority will seek approval for a proposal to expand the government’s unified pension scheme to include members of the judiciary.

The existing Judiciary Pension Scheme 2004 will be closed to new entrants, breaking a long-established link with the UK.

Instead, newly-appointed judges will join a new section of the unified scheme created specifically for the judiciary.

The aim is reduce the future costs of pension benefits and make public sector pension arrangements more sustainable in the future.

There will be a range of lower cost benefits and increased contribution rates for future members of the judiciary, an explanatory memorandum for Tynwald members explains.

’This brings the rate of pension accrual and contribution rate for new members of the judiciary in line with other members of public service schemes,’ it adds.

The pension scheme includes a contribution rate of 10% and an accrual rate of 2% (1/50th) of final pensionable pay.

There is a minimum retirement age of 55, a death grant of three times final pensionable pay and benefits for surviving adult dependent based upon 50% of pension.

The move follows a Tynwald motion in June 2016 when parliament approved plans to reform public sector pensions.

Tynwald will hear next week about proposals to establish cost sharing mechanisms across all government public sector schemes from May this year.

Latest government accounts show the public sector pension liability had now topped an eye-watering £4bn.

It rose by £448m in the 12 months to the end of March last year to £4,171m, principally due to an actuarial loss of £324m.

The funding gap - the shortfall between contribution income and benefit expenditure - is expected to spiral to £131.21m by 2059-60.

Suggestions that the current final salary schemes should be closed to new members were rejected by Tynwald last year.

The Cabinet Office had opposed the move - as has the public sector unions - claiming it would require an extra £2.3bn of funding over the next 50 years.

Instead, Tynwald backed a recommendation to bring in a voluntary defined contribution scheme for new staff.