£5 million could be taken out of pension pot

 

It follows the increase of early retirement from a number of staff and others leaving the public sector with their pension entitlement. 

 

Government budgeted for it to cost £26 million over the last financial year but the net expenditure on public sector pensions has actually reached £58.4 million.  

 

In February Tynwald approved the transfer of £27 million from the Public Service Employee Pension Reserve to cover the cost. 

 

The additional funds are set to rebalance the budget.