Sarah Levy or Hazel Clarke
Pensions Analysis Unit
Telephone: +44 (0)1633 455633
Frequency of release: Ad-hoc
Geographical coverage: UK
Geographical breakdown: UK
At the end of 2010, the total accrued-to-date pension obligations of all UK pension providers were estimated at £7.1 trillion, nearly five times the UK’s Gross Domestic Product (GDP). The total comprised £5.0 trillion of government obligations and £2.1 trillion of private sector obligations.
Of the £5.0 trillion pension obligations for which the UK government was responsible at end-2010, £3.8 trillion were in respect of state pensions (263 per cent of GDP). The latest comparable EU-level estimate (for end-2007) was 278 per cent of GDP.
Obligations relating to unfunded pensions for public sector employees in the UK at end-2010 were estimated at £0.9 trillion (58 per cent of GDP). The latest comparable EU-level estimate (for end-2007) was 52 per cent of GDP.
Third in a series of methodology articles describing work to compile the pensions supplementary table for the National Accounts, part of preparation for ESA2010.