Public sector pensions

Treasury written question – answered on 14th June 2005.

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Photo of Geoffrey Clifton-Brown Geoffrey Clifton-Brown Opposition Deputy Chief Whip (Commons)

To ask the Chancellor of the Exchequer what the net public sector pensions liability is estimated to be over the next 10 years based on the current retirement age.

Photo of Des Browne Des Browne Chief Secretary, HM Treasury, The Chief Secretary to the Treasury

The total liabilities of unfunded public service pension schemes as at 31 March 2004 were estimated to be £460 billion. This is a gross figure, as unfunded public service pension schemes do not hold assets to offset the liability. We do not hold information on a comparable basis projecting these aggregated liabilities to 2015.

Projected figures for the in year accrual of liabilities for the main unfunded pension schemes to 2007–08, based on the current normal pension age, are published in the Public Expenditure Statistical Analyses 2005.

The net liabilities of funded pension schemes in the wider public sector to 2015 will be dependent on the performance of the individual pension funds. Central Government does not hold comprehensive information on, or estimates of the future performance of, these individual funds.

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