Pension liability must be urgently addressed - MHK

More than £28 million was received by the Manx government in the past financial year, in contributions to public sector pensions.

That figure is included in an answer to a written question in the House of Keys this week.

The scale of financial liability for meeting the pension rights of all government employees has also been revealed.

The chief minister has told Onchan MHK Peter Karran pension liabilities currently total £1.3 billion.

Mr Karran told Manx Radio the so called 'black hole' is only getting bigger:

"This year the pension liability has increased by £67 million worth of extra debt for future generations.

"I think we need to get this argument over - some of us worked hard to make sure that some of the infrastructure wasn't a fiasco.

"We might have paid a big price for it with the likes of the water infrastructure, but there's no debt that will be there for future generations.

"It's paid off, and what we need to do is address this situation (i.e. the pension deficit) seriously."