Isle of Man’s public sector pension pot ‘should be adequate for 10 years’

Tynwald buildings, Douglas

Tynwald buildings, Douglas

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The Public Sector Employees Pension Reserve – which funds government’s contributions to public sector pensions – ‘should provide adequate resource for the next 10 years’, Tynwald was told.

Treasury Minister Eddie Teare was answering a question from Douglas West MHK Chris Thomas on when the fund was expected to be depleted.

In the short term, dependence on the fund was expected to be greater while members’ contributions were increased and more staff moved on to the revised structure, he said.

‘There are still a number of variables in determining exactly how this reserve may be affected in the longer term but at the present rate of drawdown it should provide adequate resource for the next 10 years,’ he said.

The fund’s balance on March 31 was £232.3m, compared with £253.6m at the same time the previous year.

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