HL Deb 04 July 2000 vol 614 cc129-30WA
Lord Blackwell

asked 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 Haringey

There 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:

£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.