PSP legacy gap set to increase before improving

No silver bullet says PSPA chair

The public sector pensions legacy funding gap will get bigger before it gets smaller.

That's according to Chair of the PSP Authority Jerry Carter.

In Tynwald this week, Policy and Reform Minister Chris Thomas said he was confident the public sector pensions 'landscape' was improving.

Speaking on Mandate this morning, Mr Carter said the figure was around £20 million a couple of years ago, but measures introduced in recent years had altered the projections.

In Tynwald this week it was decided the cost profile would be reassessed every three years.

Mr Thomas has previously commented that under current projections, the deficit won't be eliminated until the 2070s.