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06-Nov-2017 04:47

Britain’s 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.

The PPI agrees with the government’s approach and has used the same discount rate in the research that the government uses to set employer contributions - CPI 3 %.

See FT website (paywall) See JER FTfm article "Understated costs a poor legacy"Rather than taxpayers taking on a £9bn deficit, we appear to be making a £28.5bn windfall a conjuring trick on a breathtaking scale!

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.

A government proposal to allow pension schemes to smooth pension assets and liabilities does not go nearly far enough, the NAPF has told the Treasury select committee.

NB The NAPF is now admitting that it does not want to smooth pension assets and liabilities, rather it wants to magically shrink the value of liabilities by applying a high discount rate.

Like John Ralfe, the pensions consultant well known to these pages, I was sufficiently struck by the Bank of England’s claims about the impact of QE to take a deeper look at their calculations, and in particular at their estimates of how the first two rounds of QE have affected the performance of the stock market.Last year, the Netherlands Bureau for Economic Policy Analysis (CPB) had to develop a method for such calculations entirely from scratch.An analysis by John Ralfe found that the FTSE 100, would still be lagging below 4,000 today instead of having risen nearly 50 per cent from its lows in early March 2009 were it not for the Bank’s asset purchase programme.I have asked Mercer to make their figure available to identify the difference.

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JERResearching the generational effects of any changes proposed in the pension sector has become standard practice.security crisis for Barack Obama The new Archbishop must face up to the Church’s pension problems, not sweep them under the carpet, which, sadly, has happened for many years.