Douglas City Council has hosted a briefing for Tynwald Members outlining proposed reforms to the Isle of Man Local Government Superannuation Scheme.
MHKs and MLCs attended the Council Chamber to hear from the Council’s Pensions Committee, chaired by Councillor Falk Horning, about the recommended changes and the wider benefits they are expected to deliver for local authorities, social housing boards, swimming pool boards, and, ultimately, Island taxpayers.
As the administering authority for the Scheme on behalf of all participating local authority employers, Douglas City Council has been working for some time to progress the reforms, which are expected to deliver annual savings of around £800,000 for ratepayers once implemented.
In addition, the reforms would simplify the administration of the Scheme, which differs significantly from the Isle of Man Government’s pension scheme and has not kept pace with the reforms introduced across UK local authorities.
The session provided an opportunity to offer further insight into the rationale behind the reform, answer questions and highlight the importance of Government support for necessary legislative changes.
Councillor Falk Horning said it was encouraging to engage with politicians and outline how the proposals align with broader public sector and community interests.
‘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.’
