Member

The Government’s amendment in lieu will ensure that Parliament has clear sight of the long-term costs of unfunded public service pensions. The amendment will require the Government Actuary to publish projections of the costs of the unfunded public service pension schemes for each of the next 50 years within 12 months. The Government Actuary is uniquely well placed to undertake this work, as her department undertakes the actuarial valuations of the unfunded public service pension schemes across the UK and therefore has detailed knowledge of them. The Government Actuary’s Department provides impartial, professional actuarial advice and analysis to the Government and the public sector. The Government are also due to respond to the Public Accounts Committee recommendation, and to include liabilities calculated on an undiscounted basis, which means that neither the SCAPE discount rate nor the accounting discount rates will be applied. This will be published within the timeframe in the amendment. I would therefore invite the House not to insist on Lords Amendment 77 and to agree with Amendments in lieu 85C to 85E.