A DEBATE on the Isle of Man’s pensions policy will be the focus of attention at a public meeting staged by the Positive Action Group next week.

The Group says the subject of pensions is likely to have a long-term financial impact on the Manx economy, but claims that the Manx public is largely unaware of the pensions legislation currently being signed off and implemented.

Chris Blyth, who will lead the discussion, said today, "The Manx public remain unaware of the pensions legislation now being signed off and implemented in their name. If the draft proposals are approved by Tynwald it will leave future generations to pick up the bill.”

PAG says it is concerned that Chief Minister Tony Brown has said the legislation is "achieving a fair deal for all" but have warned that the current public sector pensions liability is about 30% greater than the £1,445 million stated by government, and possibly increasing to £3,600 million by 2030.  

Mr Blyth added, “The draft proposals ride roughshod over the very sensible reforms of UK public sector pensions recommended by Lord Hutton, and maintains the current Manx arrangements of an open-ended and long-term commitment to final salary pensions, which Hutton clearly demonstrated to be unaffordable and unsustainable.”

The Positive Action Group first started a debate on the pensions issue more than two years ago and now says the Isle of Man “can no longer bury its head in the sand over pension provision”.

With the General Election on the horizon, PAG says it is an issue all candidates must be aware of. “There are some tough decisions to be made by this government and the next one. It is important  that the public is also adequately informed about something we all tend to ignore until it's too late, but which will directly affect our quality of life in later years".

The PAG meeting will be held at the Legion Club in Market Hill, Douglas next Monday, April 18th, starting at 7.30pm. It is open to the public and admission is free.