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Public sector pensions liability is a concern

Tynwald buildings, Douglas

Tynwald buildings, Douglas

Spiralling public sector pension liabilities are concerning but not unexpected, Chief Minister Allan Bell told Tynwald.

Alfred Cannan, chairman of the Civil Service Commission, has previously revealed liabilities, even after the introduction of the unified pension scheme, have risen exponentially from £1.9bn to £2.2bn while net revenue payments have also increased significantly and are currently running at about £3m a month.

Mr Bell told Tynwald this week: ‘There are many issues which will need the Council of Ministers’ attention in the coming months, in particular the size of the challenge associated with the public sector schemes. The decades of liabilities built up cannot be underestimated.

‘The analogy of turning the supertanker has been used and although we have started to turn, there is still more work to do. The emerging figures are concerning but not totally unexpected.’

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Tynwald rejects reform of members’ pensions

 

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