Evidence submitted to the consultation on the discount rate used to set unfunded public service pension contributions that were not requested to be kept confidential.
Thirty eight responses to the consultation were received from a broad range of organisations and individuals, encompassing representatives of employees and employers, actuaries and finance professionals, academics and individuals. We are disclosing 37 of these that were not requested by submitters to be kept confidential. This release is in five parts. Three individuals submitted evidence and their personal details have been removed as these constitute personal data and are exempt from disclosure under section 40(2) FOIA, by virtue of section 40(3)(a)(i), which is an absolute exemption.
At Budget 2011 the Government announced that the appropriate discount rate for calculating unfunded public service pension contribution rates should be based on the long term expectations of Gross Domestic Product (GDP) growth. This will ensure that employment decisions made today take into account the costs passed to future taxpayers on a fair and sustainable basis. Further information can be found in the summary of responses document.