The panel that will review the money paid to Tynwald members has been confirmed.

Tynwald voted in February last year that the emoluments committee should establish a review to ’examine and report on the emoluments of Members of the House of Keys and Legislative Council’.

Among the trio chosen for the review panel is former Chief Minister Sir Miles Walker (pictured), Jennifer Houghton, who’s the chairman of the Isle of Man branch of the Institute of Directors, and the panel will be chaired by Ian Cochrane, a former industrial relations officer.

The panel’s remit is to look at ’all pay and allowances’ of Tynwald members, ’with recommendations for a structure for salary and any related payments’.

Tynwald members ruled that the review being undertaken should be guided by the following principles: the salary and benefits must be sufficient to allow anyone to be able to serve in Tynwald; the salary and benefits must be at a level to attract a diverse collection of community members; and enhanced executive and scrutiny roles should be recognised.

Moreover, any change to the structure for pay and allowances must not result in an increase in overall costs of members’ remuneration and the recommendations of the review should maintain the principle of linking members’ basic pay to civil service salary levels.

The panel must also give all Tynwald members the opportunity to contribute to its review and its report must be submitted to the Emoluments Committee with an ’aim to report by December 31, 2019’.

It also has the power to consult with members of the public.

Politicians are paid a standard pre-tax basic salary of £43,479 per year along with a £7,403.60 no-questions-asked expenses annual sum.

However, members who hold positions of power such as ministers and chairmen of authorities get an uplift to their annual salary, with Chief Minister Howard Quayle being paid an extra 80% on top of that £43,479, taking his pre-tax salary to £78,262.20.

For all other members, uplifts are: President of Tynwald 50%; Speaker of the House of Keys 60%; a minister 50%; a member of the Treasury 40%, political members of other departments 30%; chairman of the Public Service Commission 40%; and the chairmen of the planning committee, Post Office, Manx Utilities Authority and Office of Fair Trading 10%.