{"id":66714,"date":"2025-08-14T15:50:15","date_gmt":"2025-08-14T15:50:15","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/66714\/"},"modified":"2025-08-14T15:50:15","modified_gmt":"2025-08-14T15:50:15","slug":"public-sector-consultation-on-measures-to-share-a-pension-saving","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/66714\/","title":{"rendered":"Public sector consultation on measures to share a pension saving"},"content":{"rendered":"

\"\"\/<\/p>\n

\n It’s open to employees who pay into certain government schemes\n <\/p>\n

Public sector employees are being consulted on proposed changes to pension schemes by the Public Sector Pensions Authority.<\/p>\n

A six week consultation’s been opened with employees who currently pay into the government’s unified teachers, judicial and police pension schemes.<\/p>\n

The proposed amendments follow the PSPA’s first cost sharing valuation in 2022, which shows the cost of providing public sector pensions will reduce in the future, resulting in a saving.<\/p>\n

The Authority is required to share any change in costs with contributing scheme members through a mechanism approved in Tynwald in 2020.<\/p>\n

Proposed changes requiring Tynwald approval include – increasing the accrual rate – which means pensions will build up more quickly.<\/p>\n

Also, in respect of members of the Teachers Scheme 2025 a 1% reduction in their contribution rate, and a provision for retirees to be able to exchange part of their pensions for a lump sum at a rate that is more in line with other public sector schemes.<\/p>\n

If the proposed amendments are implemented increases to pensions will be applied and backdated to 1 April 2024. Adjustments to contributions and pension exchanges rates will be made from 1 April 2026.<\/p>\n

More from Isle of Man News<\/p>\n","protected":false},"excerpt":{"rendered":"It’s open to employees who pay into certain government schemes Public sector employees are being consulted on proposed…\n","protected":false},"author":2,"featured_media":66715,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[84,96,4176,758,755,756,757,128,50,4174,4175,759,56,54,55],"class_list":["post-66714","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-entertainment","tag-finance","tag-fun","tag-isle-of-man","tag-manx","tag-manx-news","tag-music","tag-news","tag-personal-finance","tag-personalfinance","tag-presenters","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/66714","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=66714"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/66714\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/66715"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=66714"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=66714"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=66714"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}