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Pensions

Volume 450: debated on Monday 23 October 2006

To ask the Minister of State, Department for Constitutional Affairs how much was spent on the Judges Pension Scheme in each year since 1980-81; what forecasts she has made of how much will be spent in each year between 2007-08 and 2050-51; and how many members of the scheme there are. (96003)

My Department has had financial and accounting responsibility for the Judicial Pension Schemes since 1 April 2003. Financial information on the schemes was not accounted for separately prior to that date.

Information about scheme cost and membership (active and retired members) is included in the Scheme Resource Accounts which have been published for the years 2003-04, 2004-05 and 2005-06, and laid in the Library of the House.

The Accounts include the Report of the Scheme Actuary prepared by the Government Actuary’s Department, which details the scheme liability, and the capitalised value as at 31 March of each year of expected benefit entitlements under the scheme for benefits accrued in respect of service (or former service) prior to 31 March. The Report of the Scheme Actuary also sets out the methodology used in calculating that liability and the principal financial assumptions used, including the discount rate.