MHK’s ‘Golden Goodbye’s’ What Are They Worth?

NEWS FROM THE CELTIC LEAGUE

With speculation that some MHKs may jump ship at the nextelection (a number have slotted over already into the unelected Legislative Council). Plus boundary changes ensuring some will leave their seats.

We have been asking what potentially redundant MHKs canexpect as a ‘Golden Goodbye’.

Additionally given that public sector workers are oftenaccused of having outrageously high pension pots we have asked for a comparatorbetween a GUS retiree and a retiring MHK – we feel sure the MHK package will beeye-watering different.

Finally to assess how many of the current crop of thepresent House of Keys is testing the water we have asked ‘how many MHKs haverecently asked for quotes’.

All are queries are not ‘personally specific’ so we feelsure the PSPA will have no difficulty responding:

Text of the letter to PSPA Chair, Mr Gerry Carter below:

“The ChairmanMr Gerry CarterPublic Sector Pensions Authority
Goldie House
1 – 4 Goldie Terrace
Upper Church Street
Douglas
ISLE OF MAN
IM1 1EB

19th October

Dear Mr Carter:

Can you advise:

What is the average annual pension payable to politiciansunder the current schemes?What is the average lump sum payable to politicians underthe current schemes?

What is the highest lump sum paid to a politician undertheir pension scheme in the last 10 years?
What is the highest annual pension currently paid to a politician under thecurrent pension schemes?

What, theoretically, would the pension payable to apolitician be under current schemes, if they had a basic MHK salary income(£38,771) on retirement, and 5, 10 or 15 years’ service? (Assuming a voluntary 5% contribution rate)

What would the above example equate to if an additional 30%of salary is factored in, given most MHKs will receive this for departmentalpositions?

What would the lump sum be in the above examples?

What theoretically would be the pension payable to a GUSscheme member who had a basic income of £38,771 on retirement and 5, 10 or 15years’ service? (Assuming a compulsory 5% contribution rate)

What would the lump sum be in the above example? If the person maximised the lump sum theycould take, how would this reduce their yearly pension, and what would therevised annual pension be if the lump sum was higher?

In the above theoretical examples, what are the benefitspayable to widows/widowers for each example?

How many politicians have asked for quotes on pensionentitlements in the last 12 and 24 month period?

How many politicians have asked for quotes on pensionentitlements in the last 12 and 24 months based on a projected retirement dateof August or September 2016?

What is the current total annual pension bill forpoliticians’ schemes? What is thecurrent annual income from member contributions for politicians’ schemes?

Yours sincerely,

J B MoffattDirector of Information”

The Public Sector Pensions Authority is the body thatadministers all Public Sector Pensions for the IOM Government.

Its Chairman is an independent Advocate. Full details of thebody can be found at this link:

https://www.pspa.im/Pages/Welcome.aspx

BERNARD MOFFATT

Issued by: The Celtic News

19/10/15

THE CELTIC LEAGUE INFORMATION SERVICE

The Celtic League established in 1961 has branches in the six Celtic Countries.It promotes cooperation between the countries and campaigns on a range ofpolitical, cultural and environmental matters. It highlights human rightsabuse, military activity and socio-economic issues

dachaigh


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