The Office for Budget Responsibility’s latest fiscal sustainability report shows that the cost of public sector pensions is estimated to fall from x.x% of GDP in [year] to y.y% of GDP in [year].

The report, published today, gives projections of the net cost of the main public sector pension schemes expressed as a percentage of national income (GDP).

The projections in the report allow for the latest population mortality data as well as a series of major reforms to the schemes implemented by the Coalition government between 2010 and 2015.

Garry Graham, Prospect deputy general secretary, commented: “These figures give a lie to repeated claims that public sector pension schemes are unsustainable or that we are passing the cost of dealing with public sector pension liabilities on to our children and grandchildren.

“In fact the OBR’s report shows that the reforms to these schemes are working and that the cost of the schemes, expressed as a percentage of national income, is expected to fall continuously over time.

“Keeping the schemes open, particularly to new entrants, is a key factor in ensuring these schemes remain sustainable.

“The agreements on public sector pension reform are also robust enough to deal with unexpected developments that might adversely impact on costs in the future.”