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Five million could be taken out of pension pot

Fri, 10 Jul 2015

£5.2 million could be taken from the pension pot of public sector workers and transferred into government's revenue account.

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.

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