Pensions debt ‘bigger than Rainy Day Fund’

Wednesday 12th April 2006, 12:00AM BST.

FINAL salary pension schemes will have to go and retirement age will have to be put back as the Island moves towards another pension crisis, according to Senator Ben Shenton.

Pension debt has outgrown the Rainy Day Fund, he says, and could become a millstone around the necks of the next generation.

Senator Shenton told Institute of Directors members yesterday that an ageing population and overgenerous pension deals for civil servants would create a serious problem for the next generation of Islanders.

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