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CharlieBrown

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11 hours ago, WTF said:

we'd be better off making government staff work the same amount of years as the rest of us  so you pay in for 50 years and take out for 10 - 20 instead of barely paying in for 35 years and taking out for 20 - 30.   pension books just can't balance when you pay in 5%  at todays rates and expect to take out 60%  at the rates 30 years in the future.

A contribution based pension scheme would be better (get out what you pay in) than the defined benefits scheme (huge Ponzi scheme) but if you listen to the debate from Tynwald the other month there is no desire to introduce it. Mostly because there will be a huge potential liability which will need borrowing to fill the funding gap.

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