It’s said to be one of the biggest challenges the island has to overcome.

How are we going to sort out the public sector pension deficit?

Minister for Policy and reform Chris Thomas will explain the challenges and complexities of tackling the legacy funding problem at a public meeting next week.

The long term pension scheme liability as £3.8bn but that will not be required to be paid all at once.

If the public sector pension schemes were fully funded, then the amount required to be in the fund is estimated to be £2.3bn.

It’s Mr Thomas’s job to tackle the problem.

In March he will present his findings to Tynwald, with options and recommendations to address the legacy funding issue.

The fundamental problem with these ’pay as you go’ pension schemes is that there is a shortfall in contributions for their continuance.

Such shortfall is met from the Public Sector Employees; Pensions Reserve Fund. This is due to run out in 2021-22, during the first term of the next government.

The shortfall figure is £23.4m in 2017/18, but is forecast to rise annually to £72m in the next 20 years.

The talk is organised by the Positive Action Group and it will be held on Monday, January 28, at the Manx Legion Club, Market Hill, Douglas, from 7.30pm.