At the last official reckoning in 2021, the value of UK public service pension scheme unfunded liabilities eclipsed 100 per cent of GDP. At the time, this was greater than the official estimate of the entire private sector pension system’s asset base. It was greater even than the stock of outstanding public debt. Since then, the scale of these liabilities against the benchmarks has receded thanks to higher bond yields and copious public debt issuance. But the liabilities are still huge.

Read Toby Nagle’s essay UK Public Service Occupational Pension Schemes