Magazine article Public Finance

Audit Scotland Flags £53Bn Pension Shortfall

Magazine article Public Finance

Audit Scotland Flags £53Bn Pension Shortfall

Article excerpt

The public sector in Scotland is facing an increasing pension fund shortfall, which now stands at more than £53bn, a study by Audit Scotland has found.

Its report this week said greater life expectancy was increasing liabilities as pensions will need to be paid for a longer time.

Auditor general Bob Black warned: 'The contributions from both employees and employers will almost certainly increase and there are likely to be demands on future public spending to meet these costs.'

However, the Convention of Scottish Local Authorities said the report should not be used to create panic over a so-called black hole in pension schemes. Cosla president Pat Walters said the report provided an actuarial valuation of a situation that would never play out in reality. …

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