Isle of Man News - POSTED Fri 24-01-2014

Karran's pension reform defeat

by Joanne Clague

Karran's pension reform defeat - picture

Tynwald has voted to refer the controversial pension reform issue to a working group.

Howard Quayle MHK successfully moved an amendment to Onchan MHK Peter Karran's reform proposal that will give a committee until December to report back with recommendations.

Mr Quayle said he agreed something had to be done about a £35million shortfall in the public sector pension scheme and that Mr Karran's proposal would work in the long term - but not in the short term.

Accusing Mr Karran of political point scoring, Mr Quayle said: 'If we stopped paying contributions and bought our own pension scheme, in the short term that would effectively bankrupt the Isle of Man Government. The government would still be paying for people who had retired but with no income coming in.'

Visit MTTV to see Howard Quayle's interview in full -

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