The UK’s Most Disturbing Number: Total Unfunded Pension Obligations = 321% Of GDP…(WOW!!!)
by Tyler Durden
ZeroHedge.com
11/12/2012
For all our UK readers, who hope some day to collect pension benefits, we have two messages: i) our condolences, and ii) you won’t. Why? The answer comes straight from the ONS:
The new supplementary table published by ONS in Levy (2012)10 includes the following headline figures for Government pension obligations as at end December 2010:
Social security pension schemes (i.e. unfunded state pension scheme obligations): £3.843 trillion, being 263 per cent of gross domestic product (GDP) (£3.497 trillion at end of December 2009)
Centrally – administered unfunded pension schemes for public sector employees (i.e. unfunded public service pension scheme obligations): £852 billion, being 58 per cent of GDP (£915 billion at end of December 2009)
Funded DB pension schemes for which government is responsible: £313 billion, being 21 per cent of GDP (£332 billion at end of December 2009).
In summary, the estimates in the new supplementary table indicate a total Government pension obligation, at the end of December 2010, of £5.01 trillion, or 342 per cent of GDP, of which around £4.7 trillion relates to unfunded obligations.
The Rest…HERE
