Government pension liabilities rise by 21%

Government pension liabilities increased by 21% between 2015 and 2018, to £6.4 trillion, according to new figures from the ONS.

Central and local government pension liabilities included £4.8 trillion in state pension entitlements, equivalent to 224% of 2018’s GDP.

ONS figures also showed that the accrued-to-date gross pension liabilities of UK pension providers in relation to workplace pensions and state pensions grew to £8.9 trillion at the end of 2018, compared to £7.6 trillion at the end of 2015.

Non-government pension liabilities for private sector employees went up from £2.3 trillion in 2015 to £2.6 trillion in 2018.

https://www.ons.gov.uk/economy/nationalaccounts/uksectoraccounts/articles/pensionsinthenationalaccountsafullerpictureoftheuksfundedandunfundedpensionobligations/2018