The Foreign and Commonwealth Office (FCO) does not have responsibility for a departmental pension scheme. UK civil servants employed by the FCO belong to the central Principal Civil Service Pensions Scheme (PCSPS). The PCSPS publishes details of its unfunded liability in its annual resource accounts, copies of which are placed in the Library of the House.
The Foreign and Commonwealth Office (FCO) does not have responsibility for a departmental pension scheme. UK civil servants employed by the FCO are members of the central Principal Civil Service Pensions Scheme (PCSPS). The PCSPS has published details of unfunded liabilities in present value terms in its annual resource accounts since 2000-2001. Because the assumptions underlying estimates of unfunded liabilities, for example life expectancy, vary, they are not directly comparable from year to year.
UK civil servants employed by the Foreign and Commonwealth Office are members of the Principal Civil Service Pension Schemes (PCSPS). The PCSPS has published details of employer contributions in its annual resource accounts every year since 2000-01. Copies of the PCSPS accounts are held in the Library of the House.
If the Principal Civil Service Pensions Scheme were to raise the level of employee contributions to each of its schemes by 1 per cent. of salary, this would generate additional contributions equivalent to 4 per cent. of the total employer contributions made by the Foreign and Commonwealth Office to the schemes. In theory therefore it might permit a 4 per cent. reduction in the Department's expenditure on pension contributions.
The total cash equivalent transfer value of the public sector—Principal Civil Service Pension Scheme—pensions of the 10 staff with the highest salaries in the Foreign and Commonwealth Office (FCO), and its Executive Agencies, at 31 March 2008 was £11,795,588.
The FCO discloses the cash equivalent transfer value of the pensions of each executive member of the FCO Board of Management in the remuneration report contained in the Department's annual resource accounts.