the answer is zero. nil, nothing.

All public sector pensions are paid out of current tax income. "National Insurance " is just the name of another tax. Its contributions are just put into the Consolidated Fund along with every other tax paid to the government. That is half the problem. Public sector pensions are unfunded. If you calculated the NPV of future pension values to the public sector then you would discover this country is effectively bankrupt. But the powers that be decided because there had been a couple of scandals in the private sector that all private companies should NPV their pension liabilities. The huge swings that this produced in the value of those companies is what forced most private employers to take that risk off their books and put it onto their employees. And that my friens is why the private sector is now worse off then public servants who enjoy a state guarantee on their pensions.

Posted By: MrMorrers, Dec 1, 08:46:26