Written question asked by Lord Taylor of Goss Moor (Liberal Democrat) on Tuesday, 24 September 2002, in the House of Commons. It was due for an answer on Tuesday, 15 October 2002. It was answered by Lord Boateng (Labour) on Tuesday, 15 October 2002 on behalf of the Treasury.

Treasury

Question: To ask Mr Chancellor of the Exchequer, what discount rate is used for public sector pension schemes in the accounts published for financial years (a) 2000-01 and (b) 2001-02; and if he will make a statement.

Answer: Matthew Taylor: To ask the Chancellor of the Exchequer what discount rate is used for public sector pension schemes in the accounts published for financial years (a) 2000-01 and (b) 2001-02; and if he will make a statement. [74126] Mr. Paul Boateng: The discount rate for valuing the liabilities of defined benefit public service pension schemes in their accounts for 2000-01 and 2001-02 was set at 3.5 per cent per annum net of changes in retail prices. Bodies in the wider public sector which fall outside the Resource Accounting framework made disclosures using discount rates determined under accounting standards SSAP24 or FRS17 as appropriate.

Secondary information