In a sleight of hand that would make David Blaine blush, this will enable the Government to take credit for £25bn of assets but, for accounting purposes, ignore the associated £35bn of liabilities (in respect of pension benefits covering over 400,000 current and retired employees).
Nice one George.
Thanks to Alan Smith of First Actuarial for this excellent report
- Royal Mail pension assets sell-off could generate £25bn (guardian.co.uk)
- 10 infrastucture opportunities we cannot ignore! (henrytapper.com)
- Don’t kid people that pensions are easy (henrytapper.com)