Box sets » Public sector net financial liabilities

Fiscal risks from public service pensions

Chart 3A: Reconciliation of ESA10 and GFS flows and stocks of unfunded pensions
Unfunded pension liabilities represent the second-largest government liability after gilts, but are not included in the PSNFL measure of debt. In this box, we analysed the treatment of unfunded pensions in the National Accounts and the fiscal risks they create.