Douglas City Council has briefed Tynwald Members on proposed reforms to the Isle of Man Local Government Superannuation Scheme.
The Council outlined changes expected to save around £700,000 a year for ratepayers.
MHKs and MLCs attended the Council Chamber to hear from the Council’s Pensions Committee, chaired by Councillor Falk Horning, on the rationale behind the reforms and the legislative support needed to implement them.
Councillor Falk Horning said it was encouraging to engage with politicians and outline how the proposals align with broader public sector and community interests.
He said: “The case for pension scheme reform is strong. It represents a sensible, long-term improvement that will benefit local authorities, strengthen the sustainability of the Scheme and deliver significant savings for Island ratepayers.
“We were pleased to welcome Tynwald Members to discuss the proposals and appreciate the positive engagement shown during the session.
“It is important that momentum is maintained so the necessary legislative changes can now be progressed, allowing these benefits to be realised for the island as soon as possible.”
