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Grounds Keeper Willy

Huge IOMG pension contribution short fall

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how long before the recognized problems for some time have the recognized answer for even longer of increased contributions from those expecting to take out of it ?   voluntary contributions = nothing, ask houghton.

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1 hour ago, WTF said:

how long before the recognized problems for some time have the recognized answer for even longer of increased contributions from those expecting to take out of it ?   voluntary contributions = nothing, ask houghton.

I agree with that.

”Yes I’m happy to make voluntary contributions” said no civil servant ever! 

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4 minutes ago, 2bees said:

You'd be surprised, I know a couple who are more than happy to contribute.

do they get day release ?

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The equivalent issue is the length of time it's been recognised, since at least 2006, and the total inaction to address the matter. Apart from the introduction of GUS which carefully ended up raping the liquid pension arrangements to keep the unsustainable ones going - which doubtless more than a few benefitted from.

Politicians on this Island simply do not possess the backbone to address matters and it is causing the death of the place.

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So the benefits paid out were over £72m and, presumably, this will rise in the coming years. When the PSPR is exhausted in about 3 - 4 years this liability will have to be funded from the revenue budget. It's a big ask for the taxpayer.

A concerned government employee told me that a few years ago the small print on a yearly government update on his pension status had subtly changed from "The Isle of Man Government will pay....." to "The Isle of Man Government will endeavour to pay....." As he said at the time, one word, big difference.

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3 hours ago, Non-Believer said:

. Apart from the introduction of GUS which carefully ended up raping the liquid pension arrangements to keep the unsustainable ones going - which doubtless more than a few benefitted from.

There were no "liquid" arrangements. Every scheme was and is unfunded.

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33 minutes ago, piebaps said:

There were no "liquid" arrangements. Every scheme was and is unfunded.

I was under the impression that the Police, Fire, MEA and one or two others were generally able to sustain their liabilities. Until they were rolled together with the CS system (which overtly couldn't) with the Hymans actuarial advice largely being roundly ignored by the (surprise, surprise) CS who were tasked with the establishment and implementation of GUS.

GUS was to be the great cure-all panacea. Well, it was for anybody retiring between 2012ish and now.

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Classic endpiece:  "Treasury will make up any shortfall"

They treat us as fools

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If they can do this for civil servants, then they can use taxpayers funds to guarantee all citizens a minimum standard of living

Government - representing the people, not it's own massive establishment - cannot continue with such divisive use of public funds

Edited by Donald Trumps
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4 hours ago, Non-Believer said:

 

Politicians on this Island simply do not possess the backbone to address matters and it is causing the death of the place.

Get that there Chris Thomas on the case. He'll use lots of posh BS and that and everything will be ok.

Edited by gettafa
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Is anyone surprised about this. I'm not . Meandering on without addressing it hoping the issue would go away was never a great option. Constant cut backs to services for the ordinary tax paying public and now those taxes funding the shortfall to the protected species ( gorvernment workers).  Wrong on so many counts . These same CS and public sector workers can retire as normal.with their public sector pension while the people funding it in years to come are facing increased wait due to continual increased retirement dates  . Very very wrong !!!!  

Edited by Numbnuts
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