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<p>In unfunded public service schemes there is no investment pot into which member and employer contributions are paid, instead, pensioners' benefits are treated as if they were financed from the contributions of current members and employers with any shortfall being met by the Exchequer</p><p>Table 2.18 of the Supplementary Fiscal Tables to the Office for Budget Responsibility's (OBR) March 2013 Economic and Fiscal Outlook provides figures for Exchequer—or 'net'—expenditure on the unfunded public service pension schemes in 2011-12 and 2012-13. The schemes covered are final salary defined benefit schemes, with the exception of the Nuvos section of the Principal Civil Service Pension Scheme, and the GP section of the NHS Pension Scheme, both of which are career average defined benefit pension schemes. These schemes are administered, by the Cabinet Office and Department for Health respectively, and HM Treasury does not hold the information required to determine from the OBR figures the split in Exchequer expenditure between final salary and career average public service pension schemes.</p> |