No discount for public sector pensions

News

A change by the UK government in the discount rate used to calculate the size of pension liabilities has increased the liabilities of the two largest public sector pension schemes - the health service and civil service pension schemes - by a combined £29 billion, with both schemes' deficits increasing by £52 billion.Following advice from the Financial Reporting Advisory Board (FRAB) - an offshoot of the UK Treasury that sets accounting standards across the whole of government - the government's...

To continue reading...