Unfunded public sector pensions - the so-called "gold-plated" ones - account for a mere 11.90% of the total.
Sunday, May 06, 2012
Those gold-plated public sector pensions that are ruining us
The Office of National Statistics (htp: The Spectator's "Barometer" column) has calculated that pension obligations in the UK amount to £7.1 trillion, or nearly 5 times GDP.
Unfunded public sector pensions - the so-called "gold-plated" ones - account for a mere 11.90% of the total.
Unfunded public sector pensions - the so-called "gold-plated" ones - account for a mere 11.90% of the total.
2 comments:
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I don't understand this.
ReplyDelete"State Pensions" are presumably those paid out of current taxation, so should be included in the "unfunded" column?
Or if not, what are they?
No. "Public sector - unfunded" is occupational pensions. Also, in the case of teachers, the appellation is not exactly correct: their pension benefits require personal contributions from salary, plus giveup of SERPS/S2P entitlements; and in some cases (e.g. early retirement), entitlements are partly paid for by the Local Authority, so come from rates rather than national taxation.
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