Proposed public sector pension scheme will require constitutional change

Minister of Finance and Planning Dr Peter Phillips, has tabled in Parliament the Pensions (Public Service) Act which seeks to give effect to the proposals for reforming the public sector pension scheme.According to the Bill’s Memorandum of Objects and Reasons, it is seeking to do this by:

(1) establishing a defined benefit contributor scheme where all pensionable officers will contribute five per cent of salary;

(2) establishment of a segregated fund for the contributions at a time to be determined by the minister;

(3) gradually increasing the retirement age to 65 years;

http://www.jamaicaobserver.com/business/Proposed-public-sector-pension-scheme-will-require-constitutional-change_45834