The UK pensions bill hit £7.1trn at the end of 2010, weighed down by firms with defined benefit (DB) schemes owing £1.3trn in pension obligations, national statistics show.
Figures from the Office for National Statistics (ONS) reveal the private sector had total obligations of £2.1trn in 2010 - 140% of UK Gross Domestic Product - with DB sponsors owing £1.3trn and defined contribution obligations hitting £711bn. However this is dwarfed by the UK government, which owes £3.8trn in state pension payments and has DB obligations of £1.2trn: a total bill of £5trn. Obligations relating to unfunded pensions for public sector employees in the UK at end-2010 were estimated at £900bn, which is 58% of GDP. The figures published today by the ONS are the first time...
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