Personnel Today
  • Home
    • All PT content
    • Advertise
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Equality, diversity and inclusion
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
    • OHW Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • XpertHR
    • Learn more
    • Products
    • Pricing
    • Free trial
    • Subscribe
    • XpertHR USA
  • Webinars
  • OHW+

Personnel Today

Register
Log in
Personnel Today
  • Home
    • All PT content
    • Advertise
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Equality, diversity and inclusion
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
    • OHW Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • XpertHR
    • Learn more
    • Products
    • Pricing
    • Free trial
    • Subscribe
    • XpertHR USA
  • Webinars
  • OHW+

Economics, government & businessLatest NewsDepartment for Business, Energy and Industrial Strategy (BEIS)Pay & benefitsPensions

Public sector pensions gap reaches £690bn

by dan thomas 17 Feb 2005
by dan thomas 17 Feb 2005

The shortfall in public sector pension liabilities will be approximately £690bn in March 2005 – more than 60% higher than the most recent government estimate, according to consultancy Watson Wyatt.


The most recent official estimate put the value of as yet unfunded money owed to workers who have completed their service in the public sector at £425bn at 31 March 2003.


But Watson Wyatt said this was a significant underestimate because it assumed that very high rates of interest can be earned.


Once account is taken of current low expected real returns, two years further accrual and improving mortality, the figure increases by more than 60 per cent, it said.


Stephen Yeo, a partner at Watson Wyatt, said: “Pension liabilities have been rising in both the public and private sectors. Companies now have to account for their pension liabilities on their balance sheets in a transparent way. Given the enormous size of public sector pension liabilities it is vital that they too are properly accounted for.”

Avatar
dan thomas

previous post
Travel bug grips nation
next post
Northern Ireland pensions challenge outlined by commission

You may also like

Employment law changes for 2022 and beyond: update...

1 Jul 2022

BT workers vote for strike action over pay

1 Jul 2022

Chief financial officers now more involved in HR

1 Jul 2022

Top 10 HR questions June 2022: Former employees

1 Jul 2022

Pay all care workers a £10.50 hourly minimum...

30 Jun 2022

Royal Mail managers vote to strike over restructure

30 Jun 2022

Give wellbeing a board seat: Prof Sir Cary...

30 Jun 2022

One in five workplaces lack LGBT support policies

30 Jun 2022

Christian doctor loses transgender pronoun case, but beliefs...

29 Jun 2022

New chief workforce officer at NHS England

29 Jun 2022
  • NSPCC revamps its learning strategy with child wellbeing at its heart PROMOTED | The NSPCC’s mission is to prevent abuse and neglect...Read more
  • Diversity versus inclusion: Why the difference matters PROMOTED | It’s possible for an environment to be diverse, but not inclusive...Read more
  • Five steps for organisations across the globe to become more skills-driven PROMOTED | The shift in the world of work has been felt across the globe...Read more
  • The future of workforce development PROMOTED | Northumbria University and partners share insight...Read more

Personnel Today Jobs
 

Search Jobs

PERSONNEL TODAY

About us
Contact us
Browse all HR topics
Email newsletters
Content feeds
Cookies policy
Privacy policy
Terms and conditions

JOBS

Personnel Today Jobs
Post a job
Why advertise with us?

EVENTS & PRODUCTS

The Personnel Today Awards
The RAD Awards
Employee Benefits
Forum for Expatriate Management
OHW+
Whatmedia

ADVERTISING & PR

Advertising opportunities
Features list 2022

  • Facebook
  • Twitter
  • Instagram
  • Linkedin


© 2011 - 2022 DVV Media International Ltd

Personnel Today
  • Home
    • All PT content
    • Advertise
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Equality, diversity and inclusion
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
    • OHW Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • XpertHR
    • Learn more
    • Products
    • Pricing
    • Free trial
    • Subscribe
    • XpertHR USA
  • Webinars
  • OHW+