Departmental Pensions

Health written question – answered on 30th April 2008.

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Photo of Danny Alexander Danny Alexander Liberal Democrat, Inverness, Nairn, Badenoch and Strathspey

To ask the Secretary of State for Health what his most recent estimate is of the unfunded liability in present value terms of each public sector pension scheme for which his Department is responsible; and on what assumptions for (a) discount and (b) longevity the estimate is based.

Photo of Ann Keen Ann Keen Parliamentary Under-Secretary (Health Services), Department of Health

The last published resource accounts for the NHS Pension Scheme are those for the year ending 31 March 2007 when the estimated liabilities were £218 billion. The discount rate changed from a real rate of 2.8 per cent. to a real rate of 1.8 per cent. (5.37 per cent. to 4.6 per cent. including inflation) from 31 March 2007. The demographic assumptions adopted for the assessments are derived from the specific experience of the membership of the scheme to 31 March 2003, and other similar large public service schemes where some aspect of the experience is not readily available.

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