Public Sector: Pensions
The question
To ask the Chancellor of the Exchequer, what estimate her Department has made of the Government's financial liability for public sector defined benefit pensions in each of the next ten years.
Answered by Darren Jones
The total liability for public service pensions stands at around £3 trillion, as per HM Treasury’s most recent Whole of Government Accounts report of 2021-22.
This includes the unfunded public service pension liabilities of £2.6 trillion and the liabilities of the funded schemes, such as the Local Government Pension Scheme, of £449 billion.
The Office for Budget Responsibility publishes forecasts of the cashflows of unfunded public service pension schemes and changes in public sector pension liabilities in their Economic and Fiscal Outlook (EFO) reports and supporting documents
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