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Public Sector Pension Liabilities Top £1 Trillion

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The UK's total liability for funding public sector pensions has reached £1.13 trillion, according to official data.

The figure, for the end of March 2010, is £332bn higher than the previous year, although £260bn of the rise is due to a fall in bond yields.

Ministers are expected to use the data to reinforce their argument that pensions must be reformed.

The data was published by the Office for Budget Responsibility.

The OBR report also disclosed that the total liabilities for Private Finance Initiative contracts were about £40bn, or 2.9% of GDP, as of March 2010.

Only £5.1bn of these were on the public sector balance sheet in the National Accounts.

Publication of the first OBR Fiscal Sustainability Report is designed to give a more accurate picture of UK liabilities that that have been built up for future generations.

Future payments

Most public servants, with the exception of local government staff and university lecturers, are members of unfunded pension schemes in which the pensions are paid for out of general taxation.

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Better have a word with payroll as the dozy buggers are still taking pension contributions from my salary every month.

Don't they know public sector workers "don't" pay anything for their pensions

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