§ Lord Blackwellasked Her Majesty's Government:
Which pension schemes are in place for public sector employees; and what additional capital sum would need to be provided for each scheme if current liabilities for future pension payments were to be fully funded out of invested capital. [HL3034]
§ Lord McIntosh of HaringeyThere are several hundred public sector schemes. Such information for all public sector pension scheme arrangements is not held centrally and could be obtained only at disproportionate cost. The only major funded schemes are those for local government employees and public corporations.
If capital sums were to be provided to buy out existing unfunded liabilities the sum required would depend on prevailing investment market conditions. Estimates by the Government Actuary's Department of the long-term liabilities for the main unfunded public service pension schemes suggest that liabilities for future pensions in respect of active and former members—including allowances for anticipated future salary and pension increases—total approximately £295 billion as at 31 March 1998. This is made up of:
130WA
£billion NHS Pension Scheme 70 Teachers Pension Scheme 95 Prinicipal Civil Service Pension Scheme 50 Armed Forces Pension Scheme 45 Police and Fire Pension Schemes 35 Total 295 Some more recent figures will appear in an annual actuary's report appended to the pension schemes equivalent of resource accounts later in the year.