Pensions - Articles - ONS figures try to put a figure on total pension liabilities

The Office for National Statistics has published figures which try to put a figure on the *total* pension liabilities of the United Kingdom – state pensions, public sector pensions, company pensions and private pensions.

 The big headline is that between 2010 and 2015, the total liability rose by just over one TRILLION pounds, to £7.6 trillion.

 Key figures from the report are:
 UK pension liabilities rise by just over £1 trillion over five years (nominal increase) - £6.6 trn to £7.6 trn;
 Government bill £5.3 trillion (up from £5.0 trillion):
 Decrease from 243% of GDP to 213%;
 state pensions £4.0 trillion
 unfunded public sector (teachers, nurses, civil service etc) £0.9 trillion
 Local Government Pension Scheme £0.3 trillion;
 Occupational £2.3 trillion (up from £1.6 trillion);
 Increase from 102% of GDP to 124%;
 £2 trillion funded DB; (up from £1.4 trillion);
 £0.1 trillion annuities;
 £0.2 trillion trust based DC;
 Individual [not included in grand totals]
 £0.3 trillion in individual personal pensions
 £0.15 trillion in annuities from personal pensions
 Commenting, Steve Webb, Director of Policy at Royal London said: ‘The numbers in this report are truly mind-boggling. Today’s population has built up £7.6 trillion in pension promises but has only set aside about a third of that amount to pay for them. The rest will have to be financed by tomorrow’s workers. If we are to have a meaningful debate about how we pay for an ageing population and about fairness between generations, figures like these need to be published on a regular basis and should inform policy-making’.
 The Full ONS report can be found at here

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