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PUBLIC SECTOR PENSIONS£500BN UNDERFUNDED, CLAIMS STUDY

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Britain's public sector faces a huge pensions 'black hole', according to the Conservative Party, reported The Sunda...
Britain's public sector faces a huge pensions 'black hole', according to the Conservative Party, reported The Sunday Times (p5).

Research commissioned for the party shows Britain is facing a £500bn bill for 'unfunded' public sector pensions, almost double the figure of six years ago.

Calculations by Charles Cowling, an expert with Mercer, a leading firm of pension consultants, also show the liability is increasing at £40bn a year. The figures are for the government's liability for the current and future pensions of teachers, health service staff, civil servants and members of the armed forces.

The £500bn is equivalent to £20,000 for every household in the country. The Conservatives say the figure when they left office in 1997 was £270bn and Labour has employed an extra public sector workers since 1998.
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