UK local government pension liability doubles

The UK government has massively understated the cost of its public sector pension provision, which now stands at over £1 trillion pounds - nearly double the official estimates - according to a report by think tank, the Institute of Economic Affairs (IEA).

The £1 trillion figure dwarfs the government's official estimate of £530 billion, with the IEA claiming that the triple impact of revised mortality, significant increases in public sector pay and the government's use of outdated discount rates

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