Positive Action Group - Possan Jantys Jarrooagh

Open, accountable government, rigorous control of public finances, and a fairer society for all.

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Public Meeting on Pensions

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Thanks to all that attended, particularly those that contributed and helped make it such a thought-provoking meeting. 

Pensions

Turmoil


skinny piggy bank

A presentation by Chris Blyth

7:30pm, Monday 18th April 2011

Manx Legion Club, Market Hill, Douglas

Of the 19 government Consultations currently outstanding, it is the 'Proposals for a Unified Pension Scheme for Public Servants' that may well be the most important as it is likely to have the most long term impact on the already threatened Isle of Man economy.

The Chief Minister lauds it as "achieving a fair deal for all" but critics have warned that the current public sector pensions liability is about 30% greater than the £1,445 million stated by government, and possibly increasing to £3,600 million by 2030.  

P A G flagged up this particular national problem almost 2 years ago and we return to the whole broad issue of Pensions, both public and private, for our next public meeting.

Chris Blyth, who will lead the discussion, states:

" The Manx public remain unaware of the pensions legislation now being signed off and implemented in their name.  If the draft proposals are approved by Tynwald it will leave future generations to pick up the bill.

It ignores and rides roughshod over the very sensible reforms of UK public sector pensions recommended by Lord Hutton, and maintains the current Manx arrangements of an open-ended and long-term commitment to final salary pensions, which Hutton clearly demonstrated to be unaffordable and unsustainable.

The presentation will consider the much broader issue of pensions generally, including recent pronouncements in the U K which, if adopted, will impact on our own pensions in the future. We can no longer bury our head in the sand over pension provision and with the General Election on the horizon it is an issue all candidates must be aware of - there's some tough decisions to be made by this government and the next one. It is important  that the public is also adequately informed about something we all tend to ignore until it's too late, but which will directly affect our quality of life in later years".

The PAG public meeting is, as usual, open to everyone and admission is free

Attachments:
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Download this file (Pensions - a need for major review.pdf)Pensions - a need for major review693 Kb1065
 

Comments   

 
0 #2 Money Box - Final Salary PensionsGuest 2011-05-02 16:15
Money Box 30.04.11: http://bbc.in/kjPdH1

More and more companies are closing the doors of their final salary pension schemes- either to new members or existing ones. But have they become too expensive?
Paul Lewis looks back to see why this type of final salary pension has become unpopular with employers. Blame is often laid at the feet of Gordon Brown, who as Chancellor introduced a tax affecting pension fund investments. But was that really a factor? The programme explores less well-known rules and changes that were really to blame for killing the final salary pension.
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0 #1 RE: Public Meeting on PensionsGuest 2011-04-17 20:17
Hello,
While I acknowledge the concerns regarding future pension provision, I also believe that the new pension reforms will help to address the shortfall by enforcing civil servants to pay towards thier pensions, albeit they are planning to phase this in. The fact that they have not up to now is what I believe has caused some of the problem. Imagine the pensions of some of the high profile civil servants who have retired recently, their pensions must be way over what most people would ever to love earn, and they have not paid a penny towards it. I on the other hand pay a large sum annually to my pension and since I am due to retire in less than 3 years was rather hoping that the final salary scheme would still be in place. I am not a high paid civil servant but a nurse who has paid into my pension for over 30 years. For the first time in my working life I can say that I get a good wage, a far cry from the days when our wages were a pittance based on our 'goodwill', so if my final pension were to be based on an average of what I have earned over all my years I'm afraid it wouldn't amount to much. Why should I be penalised now due to those who haven't paid in anything. I know that my employer has also paid contributions on mybehalf and that makes up some of my pension and for that I am grateful, but please don't forget us who have actually contributed for a long time. We are not all high earners due a 'fat cat' pension and while the pension reforms may not be ideal, they do appear to protect us - for the moment at least.
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