Economy Commenting on today's figures, ONS Head of National Accounts Darren Morgan said: "Today's figures provide an important snapshot of the liabilities of UK pension providers at a point in time. It is the pension wealth built up by everyone living and working in the UK. "While these are obviously large amounts of money, it is important to remember that the payments will be drawn over many years. The figures say nothing about the sustainability of our pension system in future." The UK's total accrued-to-date gross pension liabilities for workplace pensions and State Pensions were £7.6 trillion at the end of 2015, according to new figures published today by ONS. This is an increase from £6.6 trillion in 2010, when the liabilities were last estimated, though these figures are not adjusted for inflation and some of the assumptions, such as the discount rate, have changed. The £7.6 trillion includes £5.3 trillion of pension entitlements that were the responsibility of central and local government, the largest element of which came from State Pension entitlements (£4 trillion), with the rest (£1.3 trillion) coming from public sector employee pensions. The remaining £2.3 trillion were private sector employee pension entitlements, with the majority (£2 trillion) due to defined benefit pensions. There was also £450 billion in individual personal pensions in 2015, making a total of £8 trillion – around four times GDP. Today's publication covers pensions provided by the government, pension funds and insurance companies, providing a full picture of household entitlements to UK pensions with the exception of self invested personal pensions (SIPPs). Employment and labour market Of the 20.9 million households (where at least one member is aged 16 to 64 years) in the UK, 12.3 million (58.8%) had all household members aged 16 years and over in employment, up 334,000 or 1.1 percentage points over the past year. There were 5.6 million households (26.8%) with a mix of at least one working and one workless adult, down 88,000 or 0.7 percentage points over the year. There were 3.0 million households (14.4%) where no member of the household was in employment, down 53,000 or 0.4 percentage points over the last year. People, population and community Today's article shows that between 2009 and 2013, males in the census ward of Knightsbridge and Belgravia in Westminster were expected to live more than 3 decades longer (32.0 years) in"good" general health than males in Blackpool's Bloomfield census ward. For females, the gap in years spent in "good" general health was 35.4 years between the census wards of Middlehaven in Middlesbrough (47.6 years) and Blackheath and Wonersh in Waverly (83.0 years). Census wards have a closer alignment to local area neighbourhoods with a clearer link to electoral geography. |
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