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Public service pensions estimate

The Government's latest estimate of the cost to the Island of public service pensions over the next forty years is £1.8 billion.

That's as of March last year, the last figure available.

Giving a written answer to Onchan MHK Zak Hall, the Treasury Minister points out that the new unified scheme and the public service employees pension reserve are intended to reduce the potential future funding requirement.

In the same answer, the government says it has issued so called " letters of comfort" and "guarantees" of 225 million pounds. The vast majority is to cover local authority borrowings, but would only come into force should those authorities default on their debts..

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