Public service pension fund

Summary

The request sought the balance of the Public Service Employees Pension Reserve (PSEPR) and projections for its depletion and funding requirements. The Treasury disclosed the PSEPR balance as of March 2022 but exempted the remaining questions regarding depletion dates and future funding, citing that this information is already publicly available in the government budget.

Key Facts

• The PSEPR balance as of 31 March 2022 was £9,790,000 (book cost) and £9,796,000 (market value).
• Information regarding the depletion date and future funding requirements was withheld under an absolute exemption.
• The withheld information is available in section 7.4 of the Isle of Man Government Budget 2022/23.
• The request was received on 17 June 2022 and the response was issued on 13 July 2022.
• The applicant was informed of their right to request an internal review or appeal to the Information Commissioner.

Data Disclosed

• 31 March 2022
• £9,790,000
• £9,796,000
• 17 June 2022
• 13 July 2022
• section 7.4
• Budget 2022/23
• 4 billion pounds
• section 20

Exemptions Cited

• Section 20 of the Freedom of Information Act 2015 (Information accessible to applicant by other means)

Original Request

As of 31 March 2022, how much money is left in the Public Service Employees Pension Reserve (PSEPR)? When is the date treasury have worked out that it will be totally depleted . When it is depleted how much from our reserves will be taken to prop up the fund over the next 5 years according to treasury calculations. Please supply figures for the amount expected to be needed from the Isle of Man general reserves to keep propping up the public pension liabilities that are now in excess off 4 billion pounds .

Data Tables (1)

Full Response Text

Freedom of Information Seyrsnys Fysseree

The Treasury Government Office, Douglas Isle of Man, IM1 3PU

Telephone: (01624) 685605 Email: FOI.Treasury@gov.im

Government Website: www.gov.im

Our ref: 2499905 13 July 2022

Dear ###

I write further to your request which was received on 17 June 2022 and which, subsequent to the clarification you provided, asks as follows:

1. As of 31 March 2022, how much money is left in the Public Service Employees Pension Reserve (PSEPR).
2. When is the date treasury have worked out that it will be totally depleted.
3. When it is depleted how much from our reserves will be taken to prop up the fund over the next 5 years according to treasury calculations.
4. Please supply figures for the amount expected to be needed from the Isle of Man general reserves to keep propping up the public pension liabilities that are now in excess off 4 billion pounds .

In relation to part 1 of your request, I can advise that the balance of the PSEPR as at 31 March 2022 was £9,790,000 (book cost) and £9,796,000 (market value).

In relation to parts 2 to 4 of your request, and as advised in my previous correspondence, the information you are interested in is already publicly available.
Accordingly, an absolute exemption to disclosure under section 20 of the Act (information accessible to applicant by other means) applies to these parts of your request. As previously advised, information relating to the depletion of the PSEPR is set out in section 7.4 of the Isle of Man Government Budget 2022/23, which is publicly available here - https://www.gov.im/media/1375698/pink-book-2022.pdf

Please quote the reference number 2499905 in any future communications.

Your right to request a review

If you are unhappy with this response to your freedom of information request, you may ask us to carry out an internal review of the response, by completing a complaint form and submitting it electronically or by delivery/post.

An electronic version of our complaint form can be found by going to our website at https://services.gov.im/freedom-of-information/Review . If you would like a paper version of our complaint form to be sent to you by post, please contact me and I will be happy to arrange for this. Your review request should explain why you are dissatisfied with this response, and should be made as soon as practicable. We will respond as soon as the review has been concluded.

If you are not satisfied with the result of the review, you then have the right to appeal to the Information Commissioner for a decision on; 1. Whether we have responded to your request for information in accordance with Part 2 of the Freedom of Information Act 2015; or 2. Whether we are justified in refusing to give you the information requested.
In response to an application for review, the Information Commissioner may, at any time, attempt to resolve a matter by negotiation, conciliation, mediation or another form of alternative dispute resolution and will have regard to any outcome of this in making any subsequent decision. More detailed information on your right to a review can be found on the Information Commissioner’s website at www.inforights.im. Should you have any queries concerning this letter, please do not hesitate to contact me. Further information about freedom of information requests can be found at www.gov.im/foi.

I will now close your request as of this date.