A report on future funding of public sector pensions will be put before Tynwald in July.

Last year, the government confirmed that, without action, the public-sector pension reserve would be depleted by 2022. It promised to unveil legacy funding proposals this year.

In November last year, the public-sector pension liability had topped £3.8 billion.

In Tynwald this month, Lawrie Hooper (LibVannin, Ramsey) asked when the promised report would be presented to Tynwald.

Policy and Reform Minister Chris Thomas said the Cabinet Office was working with Treasury and the Public Sector Pensions Authority to compile a report on future options.

’Both the PSPA and Treasury have undertaken extensive work with actuarial and legal advisers to consider various options and also how such options could be funded,’ he said.

’This is a very complex matter to address and, rather than rush into issuing the report, further work has been undertaken by officers to reconsider the options to be raised before consideration is given to finalising this report.’

He added: ’The current iteration of the draft report is being considered by Treasury. I would hope to put this before Tynwald for debate in July of this year.’