Public Sector: Pensions

Treasury written question – answered on 7th October 2008.

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Photo of Brooks Newmark Brooks Newmark Opposition Whip (Commons)

To ask the Chancellor of the Exchequer what the public sector pension deficit is if calculated using a discount rate based on index-linked gilts; and what rate was used for the most recent calculation of the deficit.

Photo of Yvette Cooper Yvette Cooper The Chief Secretary to the Treasury

As page 38 of the Long Term Public Finance Report published on 12 March 2008 explains, the key actuarial assumptions used to value the liabilities of individual schemes, such as discount rates, are set out in the relevant reports by the scheme actuary as reported in individual scheme resource accounts. Applying different discount rates would produce different estimates of the total liability but this would not affect the size of future actual cash payments to pensioners. Further information on the liabilities for individual pension schemes is available in the individual scheme resource accounts.

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