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Sadly, the coalition government continues to understate the real annual cost to taxpayers of new public sector pension promises; it also refuses to recognise that the accumulated £1tn public sector pension liabilities are debt, and to include this anywhere in official government accounts.See FT website (paywall)When our pension time bomb explodes, those in charge of our safety will be in their bunker, local governments can claim that they followed their accounting rules, taxpayers will be stuck with a trillion-dollar bailout, and there will be blood.Britains largest employers have poured roughly £175bn into their underfunded pension schemes over the past decade, but have made only a modest dent in shortfalls because liabilities are rising so much faster than asset values.NB Mercer's figure of £175bn deficit contributions by the FTS350 over the last 10 years is much higher than the £55bn to £60bn figures suggested by the ONS. If it were to go bust the PPF would stand to lose about £600m, before any recoveries from selling company assets, one of the PPFs largest ever hits. Wall Street creditors are trying to stop Stockton from seeking municipal bankruptcy protection, arguing that the city wants to restructure debts on the backs of bondholders rather than trying to reduce its massive pension obligations.
How the Church deals with its pension deficit is not just about money, but about its management competence and integrity.The way UK companies value their pensions schemes could change after a proposal by George Osborne to allow the use of historical interest rates.Jane Curtis of the Institute and Faculty of Actuaries explains why this risks underfunding pension schemes, eventually swamping the existing protection scheme and forcing a bailout by taxpayers.I have asked Mercer to make their figure available to identify the difference.JERResearching the generational effects of any changes proposed in the pension sector has become standard practice.
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The PPI agrees with the governments approach and has used the same discount rate in the research that the government uses to set employer contributions - CPI 3 %.