Isle Of Man / Ellan Vannin

Public feedback invited on future of Manx pensions

The island's infrastructure department has invited public feedback on the proposed changes to local government pensions for Isle of Man employees.

The government said plans are underway to change the current system to make it "financially viable and sustainable".

The deadline for public proposals is 17 February 2012, after which a recommendation will be made to Tynwald.

It is thought the current scheme, which was introduced in 2003, is now becoming increasingly difficult to administer.

The proposals being considered include a change in the way contributions are calculated.

Currently most people pay about 6% but the changes would mean people on lower incomes would pay less (5.5%), and those earning in excess of £18,000 would pay more (between 6.5% and 7.5%).

Normal retirement age would remain at 65 years old but the minimum age at which benefits could be paid would rise from 50 to 55 years old.

A full list of the other proposed changes can be viewed on the Isle of Man government website.

A government spokesman said the proposed changes to the local government pension scheme are separate to those subject to the current consultation regarding government's unified pension scheme.

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