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Discount rate on pension liabilities to be reviewed

Chancellor George Osborne says the Government will review the discount rate that is used to calculate public sector pension liabilities as part of the spending review.

The decision to consult on alternatives to the current method, which is based on AA bonds, follows a recommendation from Lord John Hutton’s review of public sector provision.

In the Independent Public Service Pensions Commission interim report, published ear-lier this month, Hutton said: “There is uncertainty over whe-ther the total contributions paid reflect the costs of the benefits received.

“Initial work by the Commission suggests that the current discount rate is at the high end of what is appropriate.”

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Cameron launches £200bn infrastructure plan

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EEF/Jelf Employee Benefits Sickness Absence Survey 2015

EEF stated in its 2015 EEF Manifesto that the UK’s growth prospects depend on people being fit, working and productive. Keeping people in work and helping people return to work is very important for the manufacturing sector. It means boosting productivity by getting people back into work as early as is possible, as well as fostering workplace cultures and environments that proactively manage individuals’ health conditions so that all can benefit from lower sickness absence outcomes.

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