§ Lord Blackwellasked Her Majesty's Government:
What is the estimated present value of the Government's liability to pay the basic state pension to the existing working and retired population (including those receiving credits) during their lifetimes; and what discount rate is applied in these calculations. [HL541]
§ Baroness Hollis of HeighamThe precise information requested is not readily available. The latest estimates of the present value of the liability for state pensions including the basic state pension are published in theInland Revenue Statistics 2000 in table 13.4. A copy is available in the Library. The real discount rate applied to this calculation is 3 per cent consistent with the latest quinquennial review.