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REVIEW OF PUBLIC SECTOR PENSIONS JULY 2009

REVIEW OF PUBLIC SECTOR PENSIONS JULY 2009. Governance. Change - determined by valuations/viability of the scheme Governance groups agree change on an ongoing basis Groups - 10 people - equal employer/employee representation UK schemes are run or are moving towards being run on this basis

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REVIEW OF PUBLIC SECTOR PENSIONS JULY 2009

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  1. REVIEW OF PUBLIC SECTOR PENSIONS JULY 2009

  2. Governance • Change - determined by valuations/viability of the scheme • Governance groups agree change on an ongoing basis • Groups - 10 people - equal employer/employee representation • UK schemes are run or are moving towards being run on this basis • Over 99% of Prospect members voted in favour of Governance groups • Why? Fair and self sustaining

  3. Governance – if we follow the UK • PCSPS – 3 sections • 10 schemes • 10 valuations • 10 Governance groups = 100 people • Valuations will differ/differ from the UK • So change will be different from the UK • Inbuilt and irreconcilable factor

  4. Manx Governance • TELL YOUR MHKS: • THE GOVERNMENT NEEDS TO TALK TO THE UNIONS We want to – • Retain the current schemes • Close them to new entrants • Adopt Governance - a modified UK model • Apply to other schemes e.g. NHS/Teachers • And have a new scheme for new entrants

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