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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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