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Pensions

Volume 447: debated on Monday 12 June 2006

To ask the Chancellor of the Exchequer if he will place in the Library the detailed assumptions underlying the estimate of future expenditure on public service pension benefits set out in table 5.1 of the long-term public finance report of December 2005. (44830)

To ask the Chancellor of the Exchequer what assumptions underlay the estimate of future expenditure on public service pension benefits contained in table 5.1 of the long-term public finance report of December 2005. (54516)

The projections of payments by unfunded public service pension schemes published in the long-term public finance report were based on work done for the Treasury by the Government Actuary’s Department, using assumptions which so far as possible are in key respects consistent with those used in other work on valuation of scheme liabilities. I am placing a technical note explaining the key actuarial assumptions to which the results are materially sensitive, in the House of Commons Library.

The pension projections are, of course, also sensitive to the key economic assumptions made by the Treasury underlying the long-term public finance report and these are explained in the report itself.