Tynwald has agreed the changes to be made to the Government Unified Scheme in the Isle of Man as from 1 April 2017.
Changes are needed to the scheme in order to bring about immediate cost savings of 1.8% of pensionable pay to ensure that the scheme remains viable in the long term.
From 1 April 2017 there will be a 6% reduction to the accrual rates applicable which will only affect prospective service.
Additionally, from April 2018 there will be a phased increase to the employee contribution rate of 2.5%.
These changes will apply to members of the Standard Scheme and the Protected Scheme. They will also apply to hospital doctors who elected to retain the 2007 NHS pension scheme definition of final pensionable pay.
Details of the changes