Pensions liability is £3 billion

Alarming figure will not derail financial position

The Island’s public sector pension liability figure stands at just over three billion pounds (£3.03bn).

That figure was revealed in the House of Keys this morning (10 Nov) by Treasury Minister Eddie Teare.

Answering a question from Michael member Alfred Cannan, Mr Teare admitted the figure was ‘alarming’ but was the position if all public workers entitled to a payout drew their pensions at the same time.

He insists it will not derail the government’s financial strategy and also urged unions to negotiate over pension reforms constructively - to help resolve uncertainty for their own members, as well as government.