Public sector pensions cost bomb - papers 18 February

The FT says the numbers will strengthen the hand of those looking to cut back on pensions promises to civil servants, teachers and NHS staff among others. The total sum has been calculated by consultant actuaries at Watson Wyatt using private sector accounting rules, and represents the size of the fund that would need to be created if the government wanted to cover the benefits accrued by some three million workers. Watson Wyatt points out this cost will not go away even if rules are changed and the burden of pensions is shifted to public sector employees. ”The government's proposa...