Options for closing legacy funding gap explored
Tackling the public sector pension deficit is back on the political agenda this month.
Tynwald members will be asked to receive a report outlining options to close the gap between the money paid into the scheme, and that paid out to retired members.
It recommends Treasury looks at the feasibility of creating a voluntary defined contribution scheme, putting a cap on pensionable salary, and linking retirement age to the state pension age.
Vice-chair of the Public Sector Pensions Authority, Chris Thomas, says the report builds on a previous document published in 2016.
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