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£5 million could be taken out of pension pot

£5.2 million could be taken from the pension pot of public sector workers and transferred into government's revenue account.

 
It follows the increase of early retirement from a number of staff and others leaving the public sector with their pension entitlement. 
 
Government budgeted for it to cost £26 million over the last financial year but the net expenditure on public sector pensions has actually reached £58.4 million.  
 
In February Tynwald approved the transfer of £27 million from the Public Service Employee Pension Reserve to cover the cost. 
 
The additional funds are set to rebalance the budget. 
 

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