Public Sector Pensions Act 2011
The Public Sector Pensions Authority was established under the Public Sector Pensions Act 2011 and is responsible for the Management and Administration of the majority of Public Sector Pension Schemes in the Island.
The Public Sector Pensions Authority is proposing to amend Section 3 of the Public Sector Pensions Act 2011(the Act) to align the arrangements for making and amending schemes under the Act for all employment groups.
The proposed amendments to Sections 4, 6 and 15 of the Act are considered by the PSPA to be broadly administrative in nature in that they seek to clarify and simplify the procedures for the making and amending of Public Sector Pension Schemes.
In summary, the proposed amendments to the Act are as follows:
- In the provisions of the Act that set out how schemes for members of the Judiciary are to be made, that in future the arrangements should mirror those in place under the Act for the majority of Public Servants. (Section 3);
- In the provision for making Schemes, the definition of Schemes should include Pension Regulations and Orders; (Sections 4 & 6); and
- In the Tynwald procedures, any amending legislation which makes only administrative changes to Schemes (as opposed to changes to accruals, benefits or contribution levels) should be required to be laid before Tynwald and therefore subject to a “negative resolution” (Section 15).
The Consultation Document entitled "Consultation on amendments to the Public Sector Pensions Act 2011” which can be found here.
This is an internal consultation only and a list of consultees and how to respond to the consultation can be found in the consultation document.