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11 Aug 2004
Watson Wyatt calculated the figure using FRS 17 which is the new accounting standard which all listed companies must use from 1 January 2005.
It is 50% higher than government estimates, and dwarfs the national debt which currently stands at £400bn.
Public sector pension liabilities are now growing at a rate of £46bn a year, enough to add 14p to income tax, the Daily Telegraph reported.
Last week actuaries Lane Clark & Peacock calculated that the deficits of FTSE100 pension schemes dropped last year from £55bn to £42bn.
FRS 17 requires businesses to show pension fund assets and liabilities on the balance sheet for the first time.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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