# Public sector pensions

url: https://whereyourmoneygoes.co.uk/public-sector-pensions/
updated: 29 September 2026
licence: Our words, analysis, charts and derived calculations: CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/), credit [Tekstak Ltd](https://tek-stak.co.uk). Figures: each source's own licence, listed under Sources.
publisher: [Tekstak Ltd](https://tek-stak.co.uk)

# Public sector pensions



Last updated 29 September 2026.
Figures refresh every night. [How each figure is worked out](/methodology/).





**£58.7bn** was spent on public service pensions (the unfunded schemes) in the UK in 2024-25, **£847** per resident. That is +6.0% on a year earlier after inflation (+10.3% in cash). In 2025-26 prices it has gone from £47.3bn in 2012-13 to £60.7bn. Employers paid in £45.0bn and members £14.0bn, so across the named schemes that year was a surplus of £991m for the Exchequer.



Figure as of 3 March 2026. Source:
[Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/).





## Key figures



- £58.7bnSpent in 2024-25, cash

+10.3% on a year earlier
As of 3 March 2026
- +6.0%Real-terms change, 2024-25 on a year earlier

£60.7bn in 2025-26 prices
As of 3 March 2026
- £847Per resident, 2024-25


As of 3 March 2026
- −£991mNet cost to the Exchequer, 2024-25 (below zero: surplus)

£58.7bn paid out, £59.7bn paid in
As of 3 March 2026
- £1,400.9bnOwed by the unfunded schemes, 31 March 2025

47.7% of GDP
As of 18 June 2026




Sources: [Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/), [HM Treasury](https://assets.publishing.service.gov.uk/media/6a326e66c6e94f095f3ef936/HMT_Whole_of_Gov_Accounts_2024-25_Web_Accessible.pdf).





## What is the short version?



- **Paid out £58.7bn in 2024-25** to pensioners of the unfunded schemes; employers and members paid in £59.7bn.
- **Most of what comes in is public money:** employer contributions come from the budgets of hospitals, schools, departments and forces.
- **£1,400.9bn owed** in pensions already earned in the unfunded schemes at 31 March 2025, a valuation that swings with interest rates.
- **Council staff are different:** the Local Government Pension Scheme is funded, with £402.3bn invested in England and Wales at 31 March 2025.






## Over the longest run published: cash, real terms and per head




**United Kingdom: spending in cash and in 2025-26 prices, £ billion**








Real terms use HM Treasury’s GDP deflator, 2025-26 prices. Breaks in the series: 2015-16: Before 2015-16 the OBR published these figures to the nearest £0.1 billion. The reformed career-average schemes opened in April 2015 (April 2014 for the LGPS in England and Wales). 2018-19: The Judicial Pension Scheme is named from 2018-19 (in the OBR’s “other” line before). 2019-20: Employer contribution rates rose sharply in April 2019 after the 2016 valuations (NHS from 14.38% to 20.68% of pay; teachers from 16.48% to 23.68%), with departments compensated for most of the cost. Contributions jump and the net cost falls. 2022-23: All active members moved into the reformed schemes in April 2022 (the McCloud remedy for age discrimination in the 2015 reforms). 2024-25: Employer rates rose again in April 2024 after the 2020 valuations. From 2024-25 the OBR names the Scottish police and firefighters’ schemes (about £0.75 billion paid out), which were in its “other” line before, so the UK total gains them from that year.




**The numbers behind this chart**





| Year | Real terms (2025-26 prices) | Cash |
| --- | --- | --- |
| 2012-13Details | £47.3bn | £32.7bn |
| Cash£32.7bn | | |
| 2013-14Details | £48.6bn | £34.3bn |
| Cash£34.3bn | | |
| 2014-15Details | £51.0bn | £36.5bn |
| Cash£36.5bn | | |
| 2015-16Details | £52.1bn | £37.6bn |
| Cash£37.6bn | | |
| 2016-17Details | £51.9bn | £38.1bn |
| Cash£38.1bn | | |
| 2017-18Details | £52.3bn | £38.9bn |
| Cash£38.9bn | | |
| 2018-19Details | £53.7bn | £40.9bn |
| Cash£40.9bn | | |
| 2019-20Details | £54.8bn | £42.8bn |
| Cash£42.8bn | | |
| 2020-21Details | £53.4bn | £43.9bn |
| Cash£43.9bn | | |
| 2021-22Details | £55.2bn | £45.5bn |
| Cash£45.5bn | | |
| 2022-23Details | £54.5bn | £48.1bn |
| Cash£48.1bn | | |
| 2023-24Details | £57.3bn | £53.2bn |
| Cash£53.2bn | | |
| 2024-25Details | £60.7bn | £58.7bn |
| Cash£58.7bn | | |






Figure as of 3 March 2026. Source:
[Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/).





**United Kingdom: spending per resident, 2025-26 prices**








Per resident divides by ONS mid-year population estimates.




**The numbers behind this chart**





| Year | Per resident, 2025-26 prices | Per resident, cash |
| --- | --- | --- |
| 2012-13Details | £742 | £513 |
| Per resident, cash£513 | | |
| 2013-14Details | £758 | £535 |
| Per resident, cash£535 | | |
| 2014-15Details | £789 | £565 |
| Per resident, cash£565 | | |
| 2015-16Details | £801 | £577 |
| Per resident, cash£577 | | |
| 2016-17Details | £791 | £581 |
| Per resident, cash£581 | | |
| 2017-18Details | £792 | £590 |
| Per resident, cash£590 | | |
| 2018-19Details | £810 | £617 |
| Per resident, cash£617 | | |
| 2019-20Details | £822 | £642 |
| Per resident, cash£642 | | |
| 2020-21Details | £800 | £658 |
| Per resident, cash£658 | | |
| 2021-22Details | £824 | £679 |
| Per resident, cash£679 | | |
| 2022-23Details | £806 | £711 |
| Per resident, cash£711 | | |
| 2023-24Details | £836 | £777 |
| Per resident, cash£777 | | |
| 2024-25Details | £876 | £847 |
| Per resident, cash£847 | | |






Figure as of 3 March 2026. Source:
[Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/).





Source: Office for Budget Responsibility, [Economic and fiscal outlook, March 2026: detailed forecast tables, expenditure (breakdown of public service pension schemes expenditure and receipts), with 19 earlier editions for past years](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/), published 3 March 2026.





## Money out and money in



The NHS, teachers’, civil service, armed forces, police and firefighters’ schemes are unfunded: there is no pot of
investments. Pensions are paid out of the contributions coming in from today’s staff and their employers, and the
Exchequer meets any gap. Most employers are public bodies, so most of what comes in is itself public money.




**Unfunded public service pensions: paid out and paid in, cash, £ billion**








The schemes the OBR names, added together. Net cost is paid out less everything paid in (contributions and other income); below zero, the schemes took in more than they paid out and the surplus went to the Treasury. Employer contributions rose in April 2019 and April 2024 after the schemes’ valuations. Before 2015-16 the OBR’s figures are rounded to £0.1 billion. Each year is from the newest Economic and fiscal outlook with that year as outturn (the latest is March 2026).




**The numbers behind this chart**





| Year | Paid out (pensions, lump sums, leavers) | Paid in by employers | Paid in by members | Net cost to the Exchequer |
| --- | --- | --- | --- | --- |
| 2012-13Details | £32.7bn | £16.2bn | £6.9bn | £8.8bn |
| Paid in by employers£16.2bnPaid in by members£6.9bnNet cost to the Exchequer£8.8bn | | | | |
| 2013-14Details | £34.3bn | £16.2bn | £8.1bn | £9.0bn |
| Paid in by employers£16.2bnPaid in by members£8.1bnNet cost to the Exchequer£9.0bn | | | | |
| 2014-15Details | £36.5bn | £16.5bn | £8.7bn | £10.7bn |
| Paid in by employers£16.5bnPaid in by members£8.7bnNet cost to the Exchequer£10.7bn | | | | |
| 2015-16Details | £37.6bn | £18.4bn | £8.8bn | £9.7bn |
| Paid in by employers£18.4bnPaid in by members£8.8bnNet cost to the Exchequer£9.7bn | | | | |
| 2016-17Details | £38.1bn | £19.1bn | £8.9bn | £9.4bn |
| Paid in by employers£19.1bnPaid in by members£8.9bnNet cost to the Exchequer£9.4bn | | | | |
| 2017-18Details | £38.9bn | £19.4bn | £9.1bn | £10.1bn |
| Paid in by employers£19.4bnPaid in by members£9.1bnNet cost to the Exchequer£10.1bn | | | | |
| 2018-19Details | £40.9bn | £20.0bn | £9.4bn | £11.2bn |
| Paid in by employers£20.0bnPaid in by members£9.4bnNet cost to the Exchequer£11.2bn | | | | |
| 2019-20Details | £42.8bn | £27.8bn | £9.9bn | £4.7bn |
| Paid in by employers£27.8bnPaid in by members£9.9bnNet cost to the Exchequer£4.7bn | | | | |
| 2020-21Details | £43.9bn | £30.5bn | £10.6bn | £2.3bn |
| Paid in by employers£30.5bnPaid in by members£10.6bnNet cost to the Exchequer£2.3bn | | | | |
| 2021-22Details | £45.5bn | £32.1bn | £11.3bn | £1.4bn |
| Paid in by employers£32.1bnPaid in by members£11.3bnNet cost to the Exchequer£1.4bn | | | | |
| 2022-23Details | £48.1bn | £33.8bn | £11.9bn | £1.6bn |
| Paid in by employers£33.8bnPaid in by members£11.9bnNet cost to the Exchequer£1.6bn | | | | |
| 2023-24Details | £53.2bn | £36.6bn | £12.8bn | £3.3bn |
| Paid in by employers£36.6bnPaid in by members£12.8bnNet cost to the Exchequer£3.3bn | | | | |
| 2024-25Details | £58.7bn | £45.0bn | £14.0bn | £-1.0bn |
| Paid in by employers£45.0bnPaid in by members£14.0bnNet cost to the Exchequer£-1.0bn | | | | |






Figure as of 3 March 2026. Source:
[Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/).






| Year | Paid out | Employers paid in | Members paid in | Net cost to the Exchequer | Paid in as a share of paid out |
| --- | --- | --- | --- | --- | --- |
| 2024-25Details | £58.7bn | £45.0bn | £14.0bn | −£991m | 101.7% |
| Paid out£58.7bnEmployers paid in£45.0bnMembers paid in£14.0bnPaid in as a share of paid out101.7% | | | | | |
| 2023-24Details | £53.2bn | £36.6bn | £12.8bn | £3.3bn | 93.8% |
| Paid out£53.2bnEmployers paid in£36.6bnMembers paid in£12.8bnPaid in as a share of paid out93.8% | | | | | |
| 2022-23Details | £48.1bn | £33.8bn | £11.9bn | £1.6bn | 96.8% |
| Paid out£48.1bnEmployers paid in£33.8bnMembers paid in£11.9bnPaid in as a share of paid out96.8% | | | | | |
| 2021-22Details | £45.5bn | £32.1bn | £11.3bn | £1.4bn | 96.8% |
| Paid out£45.5bnEmployers paid in£32.1bnMembers paid in£11.3bnPaid in as a share of paid out96.8% | | | | | |
| 2020-21Details | £43.9bn | £30.5bn | £10.6bn | £2.3bn | 94.8% |
| Paid out£43.9bnEmployers paid in£30.5bnMembers paid in£10.6bnPaid in as a share of paid out94.8% | | | | | |
| 2019-20Details | £42.8bn | £27.8bn | £9.9bn | £4.7bn | 89.0% |
| Paid out£42.8bnEmployers paid in£27.8bnMembers paid in£9.9bnPaid in as a share of paid out89.0% | | | | | |





Source: Office for Budget Responsibility, [Economic and fiscal outlook, March 2026: detailed forecast tables, expenditure (breakdown of public service pension schemes expenditure and receipts), with 19 earlier editions for past years](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/), published 3 March 2026.





## Scheme by scheme




**Net cost to the Exchequer by scheme, 2024-25, £ million**








A scheme below zero took in more than it paid out. The NHS scheme has more contributing members for each pensioner than the others; the armed forces scheme has no member contributions at all.




**The numbers behind this chart**





| Item | Paid out less paid in, 2024-25 |
| --- | --- |
| NHS | £-6,463m |
| Teachers | £1,160m |
| Civil Service | £704m |
| Armed Forces | £1,302m |
| Police | £1,893m |
| Scotland: NHS and teachers | £-414m |
| Northern Ireland | £190m |
| Fire | £622m |
| Scotland: police | £227m |
| Scotland: fire | £73m |
| Judges | £-286m |






Figure as of 3 March 2026. Source:
[Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/).






| Scheme | Paid out | Employers paid in | Members paid in | Net cost | Covers |
| --- | --- | --- | --- | --- | --- |
| NHS Pension Scheme (England and Wales)Details | £18.2bn | £17.3bn | £7.1bn | −£6.5bn | England and Wales |
| Paid out£18.2bnEmployers paid in£17.3bnMembers paid in£7.1bnCoversEngland and Wales | | | | | |
| Teachers’ Pension Scheme (England and Wales)Details | £12.8bn | £8.7bn | £2.9bn | £1.2bn | England and Wales |
| Paid out£12.8bnEmployers paid in£8.7bnMembers paid in£2.9bnCoversEngland and Wales | | | | | |
| Civil Service Pension SchemeDetails | £8.7bn | £6.6bn | £1.3bn | £704m | Great Britain and UK-wide bodies |
| Paid out£8.7bnEmployers paid in£6.6bnMembers paid in£1.3bnCoversGreat Britain and UK-wide bodies | | | | | |
| Armed Forces Pension SchemeDetails | £6.3bn | £5.0bn | none | £1.3bn | United Kingdom |
| Paid out£6.3bnEmployers paid in£5.0bnMembers paid innoneCoversUnited Kingdom | | | | | |
| Police pension schemes (England and Wales)Details | £4.9bn | £2.1bn | £811m | £1.9bn | England and Wales |
| Paid out£4.9bnEmployers paid in£2.1bnMembers paid in£811mCoversEngland and Wales | | | | | |
| NHS and teachers’ pension schemes in ScotlandDetails | £3.6bn | £2.8bn | £1.1bn | −£414m | Scotland |
| Paid out£3.6bnEmployers paid in£2.8bnMembers paid in£1.1bnCoversScotland | | | | | |
| Northern Ireland Executive pension schemesDetails | £2.2bn | £1.5bn | £482m | £190m | Northern Ireland |
| Paid out£2.2bnEmployers paid in£1.5bnMembers paid in£482mCoversNorthern Ireland | | | | | |
| Firefighters’ pension schemes (England)Details | £1.2bn | £387m | £137m | £622m | England |
| Paid out£1.2bnEmployers paid in£387mMembers paid in£137mCoversEngland | | | | | |
| Police pension scheme in ScotlandDetails | £597m | £278m | £86m | £227m | Scotland |
| Paid out£597mEmployers paid in£278mMembers paid in£86mCoversScotland | | | | | |
| Firefighters’ pension scheme in ScotlandDetails | £152m | £56m | £22m | £73m | Scotland |
| Paid out£152mEmployers paid in£56mMembers paid in£22mCoversScotland | | | | | |
| Judicial Pension SchemeDetails | £34m | £299m | £20m | −£286m | United Kingdom |
| Paid out£34mEmployers paid in£299mMembers paid in£20mCoversUnited Kingdom | | | | | |





Scotland and Northern Ireland run their own NHS, teachers’, police and firefighters’ schemes; the civil service scheme covers Great
Britain and some UK-wide bodies. Smaller schemes (Royal Mail’s statutory scheme, the UK Atomic Energy Authority’s, the research
councils’ and others) are in the OBR’s “other” line, net only, and not in these totals.





## What is owed



At 31 March 2025 the unfunded schemes owed £1,400.9bn in pensions already earned, and
all public sector schemes together £1,395.8bn after the funded schemes’ assets. That is a valuation, not a bill: it is paid over
the rest of members’ lives, and it is not part of public sector net debt.




**What is owed: public sector pension liabilities at 31 March, £ billion**








The value today of pensions already earned, from the Whole of Government Accounts. It rises and falls mainly with the discount rate used to value future payments (the rate fell in 2016-17 and rose sharply in 2022-23), not with the promises themselves. The 2010-11 fall is mostly the switch from RPI to CPI uprating. 2020-21 is missing the Scottish NHS and teachers’ schemes, which did not report.




**The numbers behind this chart**





| Year | Unfunded schemes | All schemes, net of funded schemes’ assets |
| --- | --- | --- |
| 2009-10Details | £1,015.6bn | £1,134.7bn |
| All schemes, net of funded schemes’ assets£1,134.7bn | | |
| 2010-11Details | £893.3bn | £959.5bn |
| All schemes, net of funded schemes’ assets£959.5bn | | |
| 2011-12Details | £917.3bn | £1,005.8bn |
| All schemes, net of funded schemes’ assets£1,005.8bn | | |
| 2012-13Details | £1,072.3bn | £1,171.6bn |
| All schemes, net of funded schemes’ assets£1,171.6bn | | |
| 2013-14Details | £1,205.8bn | £1,303.1bn |
| All schemes, net of funded schemes’ assets£1,303.1bn | | |
| 2014-15Details | £1,373.1bn | £1,493.3bn |
| All schemes, net of funded schemes’ assets£1,493.3bn | | |
| 2015-16Details | £1,320.4bn | £1,424.7bn |
| All schemes, net of funded schemes’ assets£1,424.7bn | | |
| 2016-17Details | £1,697.0bn | £1,834.7bn |
| All schemes, net of funded schemes’ assets£1,834.7bn | | |
| 2017-18Details | £1,741.8bn | £1,865.3bn |
| All schemes, net of funded schemes’ assets£1,865.3bn | | |
| 2018-19Details | £1,756.1bn | £1,893.9bn |
| All schemes, net of funded schemes’ assets£1,893.9bn | | |
| 2019-20Details | £2,061.9bn | £2,189.5bn |
| All schemes, net of funded schemes’ assets£2,189.5bn | | |
| 2020-21Details | £2,168.1bn | £2,306.2bn |
| All schemes, net of funded schemes’ assets£2,306.2bn | | |
| 2021-22Details | £2,539.3bn | £2,639.1bn |
| All schemes, net of funded schemes’ assets£2,639.1bn | | |
| 2022-23Details | £1,418.7bn | £1,415.0bn |
| All schemes, net of funded schemes’ assets£1,415.0bn | | |
| 2023-24Details | £1,315.9bn | £1,311.9bn |
| All schemes, net of funded schemes’ assets£1,311.9bn | | |
| 2024-25Details | £1,400.9bn | £1,395.8bn |
| All schemes, net of funded schemes’ assets£1,395.8bn | | |






Figure as of 18 June 2026. Source:
[HM Treasury](https://assets.publishing.service.gov.uk/media/6a326e66c6e94f095f3ef936/HMT_Whole_of_Gov_Accounts_2024-25_Web_Accessible.pdf).





**Unfunded pension liabilities as a share of GDP**








Liability at 31 March divided by money GDP in the financial year that ends then (HM Treasury).




**The numbers behind this chart**





| Year | Unfunded liability, % of GDP |
| --- | --- |
| 2009-10 | 64.8% |
| 2010-11 | 54.7% |
| 2011-12 | 54.6% |
| 2012-13 | 61.9% |
| 2013-14 | 66.5% |
| 2014-15 | 72.7% |
| 2015-16 | 67.9% |
| 2016-17 | 83.7% |
| 2017-18 | 82.4% |
| 2018-19 | 80.2% |
| 2019-20 | 91.1% |
| 2020-21 | 102.8% |
| 2021-22 | 105.8% |
| 2022-23 | 53.9% |
| 2023-24 | 47.2% |
| 2024-25 | 47.7% |






Figure as of 18 June 2026. Source:
[HM Treasury](https://assets.publishing.service.gov.uk/media/6a326e66c6e94f095f3ef936/HMT_Whole_of_Gov_Accounts_2024-25_Web_Accessible.pdf).






| Workforce | 2024-25 | 2023-24 |
| --- | --- | --- |
| NHS (UK)Details | £531.4bn | £500.8bn |
| 2023-24£500.8bn | | |
| Teachers (UK)Details | £333.3bn | £307.8bn |
| 2023-24£307.8bn | | |
| Civil serviceDetails | £216.9bn | £208.1bn |
| 2023-24£208.1bn | | |
| Armed forcesDetails | £150.3bn | £144.6bn |
| 2023-24£144.6bn | | |
| PoliceDetails | £92.4bn | £93.9bn |
| 2023-24£93.9bn | | |
| Royal MailDetails | £28.2bn | £28.7bn |
| 2023-24£28.7bn | | |
| FireDetails | £20.5bn | £17.6bn |
| 2023-24£17.6bn | | |
| Other unfundedDetails | £27.9bn | £14.4bn |
| 2023-24£14.4bn | | |
| **All unfunded schemes**Details | £1,400.9bn | £1,315.9bn |
| 2023-24£1,315.9bn | | |
| Local government (funded, net of assets)Details | £-1.7bn | £-2.8bn |
| 2023-24£-2.8bn | | |
| Other funded (net of assets)Details | £-3.4bn | £-1.2bn |
| 2023-24£-1.2bn | | |
| **Net public sector pension liability**Details | £1,395.8bn | £1,311.9bn |
| 2023-24£1,311.9bn | | |







| Scheme | 2024-25 | A year earlier |
| --- | --- | --- |
| NHS Pension Scheme (England and Wales)Details | £457.2bn | £431.0bn |
| A year earlier£431.0bn | | |
| NHS Superannuation Scheme (Scotland)Details | £53.7bn | £50.6bn |
| A year earlier£50.6bn | | |
| Health and Social Care Pension Scheme (Northern Ireland)Details | £20.5bn | £19.3bn |
| A year earlier£19.3bn | | |
| Teachers’ Pension Scheme (England and Wales)Details | £290.7bn | £278.8bn |
| A year earlier£278.8bn | | |
| Scottish Teachers’ Pension SchemeDetails | £30.2bn | £29.1bn |
| A year earlier£29.1bn | | |
| Teachers’ Superannuation Scheme (Northern Ireland)Details | £12.4bn | — |
| A year earlier— | | |
| Civil Service Pension Scheme (Great Britain)Details | £200.9bn | £192.7bn |
| A year earlier£192.7bn | | |
| Armed Forces Pension SchemeDetails | £150.3bn | £144.6bn |
| A year earlier£144.6bn | | |
| Police: Mayor’s Office for Policing and Crime (London)Details | £20.3bn | £24.2bn |
| A year earlier£24.2bn | | |
| Police: Scottish Police AuthorityDetails | £12.7bn | £12.4bn |
| A year earlier£12.4bn | | |
| Police: Department of Justice (Northern Ireland)Details | £7.3bn | £7.2bn |
| A year earlier£7.2bn | | |





The accounts also charge notional interest on the liability each year. HM Treasury counts it inside debt interest:
£19.4bn in 2025-26. It is on [the debt interest page](/debt-interest/).



Source: HM Treasury, [Whole of Government Accounts, 2009-10 to 2024-25: public sector pensions note](https://assets.publishing.service.gov.uk/media/6a326e66c6e94f095f3ef936/HMT_Whole_of_Gov_Accounts_2024-25_Web_Accessible.pdf), published 18 June 2026; HM Treasury, [PESA 2026: table 5.2, public debt transactions](https://assets.publishing.service.gov.uk/media/6a5772f59e63154454413701/PESA_2026_CP_Chapter_5_tables.xlsx), published 16 July 2026.





## Where it is heading




**Net cost of the unfunded schemes: outturn and the OBR’s forecast (March 2026), £ billion**








The OBR’s forecast for the same schemes: paid out less paid in. A forecast under current policy, not a target; it moves with each Economic and fiscal outlook.




**The numbers behind this chart**





| Year | Outturn | Forecast, March 2026 |
| --- | --- | --- |
| 2012-13Details | £8.8bn | — |
| Forecast, March 2026— | | |
| 2013-14Details | £9.0bn | — |
| Forecast, March 2026— | | |
| 2014-15Details | £10.7bn | — |
| Forecast, March 2026— | | |
| 2015-16Details | £9.7bn | — |
| Forecast, March 2026— | | |
| 2016-17Details | £9.4bn | — |
| Forecast, March 2026— | | |
| 2017-18Details | £10.1bn | — |
| Forecast, March 2026— | | |
| 2018-19Details | £11.2bn | — |
| Forecast, March 2026— | | |
| 2019-20Details | £4.7bn | — |
| Forecast, March 2026— | | |
| 2020-21Details | £2.3bn | — |
| Forecast, March 2026— | | |
| 2021-22Details | £1.4bn | — |
| Forecast, March 2026— | | |
| 2022-23Details | £1.6bn | — |
| Forecast, March 2026— | | |
| 2023-24Details | £3.3bn | — |
| Forecast, March 2026— | | |
| 2024-25Details | £-1.0bn | £-1.0bn |
| Forecast, March 2026£-1.0bn | | |
| 2025-26Details | — | £-1.5bn |
| Forecast, March 2026£-1.5bn | | |
| 2026-27Details | — | £-5.2bn |
| Forecast, March 2026£-5.2bn | | |
| 2027-28Details | — | £-5.7bn |
| Forecast, March 2026£-5.7bn | | |
| 2028-29Details | — | £-6.7bn |
| Forecast, March 2026£-6.7bn | | |
| 2029-30Details | — | £-6.7bn |
| Forecast, March 2026£-6.7bn | | |
| 2030-31Details | — | £-7.6bn |
| Forecast, March 2026£-7.6bn | | |






Figure as of 3 March 2026. Source:
[Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/).




**Public service pensions as a share of GDP, OBR long-term projection (Fiscal risks and sustainability, July 2026)**








The OBR’s projection of spending on public service pensions, on its assumptions about the public sector workforce, pay and the schemes as reformed in 2015. A projection, not a forecast of policy.




**The numbers behind this chart**





| Year | Public service pensions, % of GDP |
| --- | --- |
| 2025-26 | 1.38% |
| 2030-31 | 1.16% |
| 2035-36 | 1.06% |
| 2045-46 | 0.86% |
| 2055-56 | 0.81% |
| 2065-66 | 0.89% |
| 2075-76 | 0.87% |






Figure as of 7 July 2026. Source:
[Office for Budget Responsibility](https://obr.uk/frs/fiscal-risks-and-sustainability-july-2026/).




More on the long-term pressures on the public finances: [the long-term outlook](/long-term-public-finances/).





## Where the money goes, level by level



- UK total
- Nation not published
- Department or service body
- Local body not published
- Spending category not published
- Line or transaction not published





- United Kingdom





### United Kingdom



What the unfunded public service pension schemes the OBR names paid out: pensions, lump sums and payments to leavers. Smaller schemes (the Royal Mail Statutory Pension Scheme, the UK Atomic Energy Authority’s, the research councils’ and others) are in the OBR’s “other” line, published net only, and are not included. The funded Local Government Pension Scheme is shown separately.



**£58.7bn** in 2024-25 (cash); £60.7bn in 2025-26 prices; £847 per resident; +10.3% on a year earlier in cash, +6.0% in real terms.





| Department or service body | Cash, 2024-25 | Real terms (2025-26 prices) | Per resident | Real change on a year earlier | Source | Below this |
| --- | --- | --- | --- | --- | --- | --- |
| NHS Pension Scheme (England and Wales)Details | £18.2bn | £18.8bn | £294 | +8.3% | [Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/) | Local body not published: The OBR gives the scheme’s totals. The scheme’s accounts split benefits into pensions and lump sums and contributions into employers’ and members’ (in the table of scheme accounts below); they are not published by employer, trust or region. |
| Real terms (2025-26 prices)£18.8bnPer resident£294Real change on a year earlier+8.3%Source[Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/)Below thisLocal body not published: The OBR gives the scheme’s totals. The scheme’s accounts split benefits into pensions and lump sums and contributions into employers’ and members’ (in the table of scheme accounts below); they are not published by employer, trust or region. | | | | | | |
| Teachers’ Pension Scheme (England and Wales)Details | £12.8bn | £13.2bn | £207 | +4.2% | [Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/) | Local body not published: The OBR gives the scheme’s totals. The scheme’s accounts split benefits into pensions and lump sums; nothing is published by school, academy trust or council. |
| Real terms (2025-26 prices)£13.2bnPer resident£207Real change on a year earlier+4.2%Source[Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/)Below thisLocal body not published: The OBR gives the scheme’s totals. The scheme’s accounts split benefits into pensions and lump sums; nothing is published by school, academy trust or council. | | | | | | |
| Civil Service Pension SchemeDetails | £8.7bn | £9.0bn | £130 | +1.4% | [Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/) | Local body not published: The OBR gives the scheme’s totals. Employer contributions are paid by each department and are in its own accounts; the scheme does not publish benefits by department. |
| Real terms (2025-26 prices)£9.0bnPer resident£130Real change on a year earlier+1.4%Source[Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/)Below thisLocal body not published: The OBR gives the scheme’s totals. Employer contributions are paid by each department and are in its own accounts; the scheme does not publish benefits by department. | | | | | | |
| Armed Forces Pension SchemeDetails | £6.3bn | £6.5bn | £90.95 | +3.7% | [Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/) | Local body not published: The OBR gives the scheme’s totals. The scheme’s accounts split benefits into pensions and lump sums; not by service (Navy, Army, RAF). |
| Real terms (2025-26 prices)£6.5bnPer resident£90.95Real change on a year earlier+3.7%Source[Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/)Below thisLocal body not published: The OBR gives the scheme’s totals. The scheme’s accounts split benefits into pensions and lump sums; not by service (Navy, Army, RAF). | | | | | | |
| Police pension schemes (England and Wales)Details | £4.9bn | £5.1bn | £79.30 | +5.0% | [Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/) | Local body not published: Each police force (the police and crime commissioner) keeps its own pension fund account in its statement of accounts, and the Home Office pays each a top-up grant for the gap. No table of all forces is published. |
| Real terms (2025-26 prices)£5.1bnPer resident£79.30Real change on a year earlier+5.0%Source[Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/)Below thisLocal body not published: Each police force (the police and crime commissioner) keeps its own pension fund account in its statement of accounts, and the Home Office pays each a top-up grant for the gap. No table of all forces is published. | | | | | | |
| NHS and teachers’ pension schemes in ScotlandDetails | £3.6bn | £3.7bn | £642 | −1.0% | [Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/) | Local body not published: The Scottish Public Pensions Agency publishes the NHS and teachers’ schemes’ accounts separately; the OBR gives them together. |
| Real terms (2025-26 prices)£3.7bnPer resident£642Real change on a year earlier−1.0%Source[Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/)Below thisLocal body not published: The Scottish Public Pensions Agency publishes the NHS and teachers’ schemes’ accounts separately; the OBR gives them together. | | | | | | |
| Northern Ireland Executive pension schemesDetails | £2.2bn | £2.3bn | £1,146 | +8.2% | [Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/) | Local body not published: The OBR gives the Northern Ireland Executive’s schemes (health and social care, teachers, civil service, police, firefighters) together; each publishes its own accounts. |
| Real terms (2025-26 prices)£2.3bnPer resident£1,146Real change on a year earlier+8.2%Source[Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/)Below thisLocal body not published: The OBR gives the Northern Ireland Executive’s schemes (health and social care, teachers, civil service, police, firefighters) together; each publishes its own accounts. | | | | | | |
| Firefighters’ pension schemes (England)Details | £1.2bn | £1.3bn | £21.02 | +13.7% | [Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/) | Local body not published: Each fire and rescue authority keeps its own firefighters’ pension fund account, topped up by a government grant. No table of all authorities is published. |
| Real terms (2025-26 prices)£1.3bnPer resident£21.02Real change on a year earlier+13.7%Source[Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/)Below thisLocal body not published: Each fire and rescue authority keeps its own firefighters’ pension fund account, topped up by a government grant. No table of all authorities is published. | | | | | | |
| Police pension scheme in ScotlandDetails | £597m | £617m | £108 | — | [Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/) | Local body not published: The Scottish Public Pensions Agency’s accounts for the police scheme; not broken down further here. |
| Real terms (2025-26 prices)£617mPer resident£108Real change on a year earlier—Source[Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/)Below thisLocal body not published: The Scottish Public Pensions Agency’s accounts for the police scheme; not broken down further here. | | | | | | |
| Firefighters’ pension scheme in ScotlandDetails | £152m | £158m | £27.47 | — | [Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/) | Local body not published: The Scottish Public Pensions Agency’s accounts for the firefighters’ scheme; not broken down further here. |
| Real terms (2025-26 prices)£158mPer resident£27.47Real change on a year earlier—Source[Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/)Below thisLocal body not published: The Scottish Public Pensions Agency’s accounts for the firefighters’ scheme; not broken down further here. | | | | | | |
| Judicial Pension SchemeDetails | £34m | £35m | £0.49 | −85.4% | [Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/) | Local body not published: Not broken down further. |
| Real terms (2025-26 prices)£35mPer resident£0.49Real change on a year earlier−85.4%Source[Office for Budget Responsibility](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/)Below thisLocal body not published: Not broken down further. | | | | | | |







Cash is as published. Real terms are in 2025-26 prices, using HM Treasury’s GDP deflator. Per resident divides by
ONS mid-year population for the area the body serves. Changes compare the same body in consecutive years.






## Members, pensioners and contribution rates





| Scheme | Contributing members | Deferred members | Pensions in payment | Employer rate | Member rate | Liability at year end | Benefits paid |
| --- | --- | --- | --- | --- | --- | --- | --- |
| NHS Pension Scheme (England and Wales), 2025-26Details | 1,909,142 | 864,417 | 1,253,762 | 23.7% of pensionable pay | — | £443.9bn | £18.5bn |
| Contributing members1,909,142Deferred members864,417Employer rate23.7% of pensionable payMember rate—Liability at year end£443.9bnBenefits paid£18.5bn | | | | | | | |
| Teachers’ Pension Scheme (England and Wales), 2025-26Details | 682,081 | 801,486 | 781,741 | 28.6% of pensionable pay | 9.7% of pensionable pay on average | £275.0bn | £13.1bn |
| Contributing members682,081Deferred members801,486Employer rate28.6% of pensionable payMember rate9.7% of pensionable pay on averageLiability at year end£275.0bnBenefits paid£13.1bn | | | | | | | |
| Civil Service Pension Scheme, 2024-25Details | 606,054 | 355,529 | 740,944 | 28.97% of pensionable pay on average (27.0% before April 2024) | 4.6% to 8.1% of pensionable pay, by pay | £197.0bn | £8.7bn |
| Contributing members606,054Deferred members355,529Employer rate28.97% of pensionable pay on average (27.0% before April 2024)Member rate4.6% to 8.1% of pensionable pay, by payLiability at year end£197.0bnBenefits paid£8.7bn | | | | | | | |
| Armed Forces Pension Scheme, 2025-26Details | 242,069 | 474,223 | 477,816 | 73.6% of pensionable pay (including 2.1% for the Armed Forces Compensation Scheme) | Members do not contribute (the small employee figure is purchases of added years) | £143.9bn | £6.1bn |
| Contributing members242,069Deferred members474,223Employer rate73.6% of pensionable pay (including 2.1% for the Armed Forces Compensation Scheme)Member rateMembers do not contribute (the small employee figure is purchases of added years)Liability at year end£143.9bnBenefits paid£6.1bn | | | | | | | |





Counts at: NHS, 31 March 2026; Teachers, 31 March 2026 for pensioners and 31 March 2025 for other members (reported a year in arrears); Civil Service, 31 March 2025; Armed Forces, 31 March 2026 (counted as benefits, not people).
Contributions exceeded benefits: the scheme returns its £7.4bn surplus cash to HM Treasury. Sources:
[NHS accounts 2025-26](https://assets.publishing.service.gov.uk/media/6a5746026d6d5c7e2845c97d/nhs-pension-scheme-annual-report-and-accounts-2025-to-2026.pdf), [Teachers accounts 2025-26](https://assets.publishing.service.gov.uk/media/6a54b319a4890e65cce64d83/Teachers_pension_scheme_annual_accounts_2025_to_2026.pdf), [Civil Service accounts 2024-25](https://assets.publishing.service.gov.uk/media/6943cf1136f089d38be1f2ad/CSPS_accounts_2024-25_for_laying_2.pdf), [Armed Forces accounts 2025-26](https://assets.publishing.service.gov.uk/media/6a58b74f2cbe5d1c179a6653/Armed_Forces_Pension_Scheme_annual_accounts_2025_to_2026.pdf)
(checked 24 September 2026). Accounts can be a year ahead of the OBR’s outturn above. Contribution
rates are set by each scheme’s valuation, every four years.





## The Local Government Pension Scheme: funded



Council staff, school support staff and many other public and some private employers’ staff belong to the Local Government Pension
Scheme. Unlike the schemes above it is funded: contributions are invested in 87 funds in England and Wales,
and pensions are paid from the funds, not by the Exchequer. Employers’ contributions still come mostly from council and other public
budgets. Its figures are kept apart from the unfunded schemes and never added to them.




**Local Government Pension Scheme, England and Wales: paid out and paid in, cash, £ billion**








MHCLG’s SF3 statistics, each year from the newest edition that has it. Employer contributions jump in some years when councils pay three years’ deficit contributions up front (2017-18 and 2020-21). Investment income excludes gains in the value of the investments.




**The numbers behind this chart**





| Year | Benefits paid | Employer contributions | Member contributions | Investment income |
| --- | --- | --- | --- | --- |
| 2012-13Details | £8.0bn | £6.2bn | £1.9bn | £3.1bn |
| Employer contributions£6.2bnMember contributions£1.9bnInvestment income£3.1bn | | | | |
| 2013-14Details | £8.4bn | £6.5bn | £2.0bn | £3.3bn |
| Employer contributions£6.5bnMember contributions£2.0bnInvestment income£3.3bn | | | | |
| 2014-15Details | £8.9bn | £7.3bn | £2.1bn | £3.5bn |
| Employer contributions£7.3bnMember contributions£2.1bnInvestment income£3.5bn | | | | |
| 2015-16Details | £9.2bn | £7.1bn | £2.1bn | £3.6bn |
| Employer contributions£7.1bnMember contributions£2.1bnInvestment income£3.6bn | | | | |
| 2016-17Details | £9.5bn | £7.4bn | £2.1bn | £3.9bn |
| Employer contributions£7.4bnMember contributions£2.1bnInvestment income£3.9bn | | | | |
| 2017-18Details | £9.8bn | £9.5bn | £2.1bn | £4.4bn |
| Employer contributions£9.5bnMember contributions£2.1bnInvestment income£4.4bn | | | | |
| 2018-19Details | £10.4bn | £7.1bn | £2.2bn | £4.4bn |
| Employer contributions£7.1bnMember contributions£2.2bnInvestment income£4.4bn | | | | |
| 2019-20Details | £10.9bn | £7.7bn | £2.3bn | £4.4bn |
| Employer contributions£7.7bnMember contributions£2.3bnInvestment income£4.4bn | | | | |
| 2020-21Details | £11.1bn | £10.3bn | £2.4bn | £3.7bn |
| Employer contributions£10.3bnMember contributions£2.4bnInvestment income£3.7bn | | | | |
| 2021-22Details | £11.5bn | £7.8bn | £2.6bn | £4.5bn |
| Employer contributions£7.8bnMember contributions£2.6bnInvestment income£4.5bn | | | | |
| 2022-23Details | £12.3bn | £8.4bn | £2.8bn | £5.1bn |
| Employer contributions£8.4bnMember contributions£2.8bnInvestment income£5.1bn | | | | |
| 2023-24Details | £13.7bn | £10.5bn | £3.1bn | £5.9bn |
| Employer contributions£10.5bnMember contributions£3.1bnInvestment income£5.9bn | | | | |
| 2024-25Details | £15.4bn | £10.1bn | £3.2bn | £7.0bn |
| Employer contributions£10.1bnMember contributions£3.2bnInvestment income£7.0bn | | | | |






Figure as of 22 October 2025. Source:
[Ministry of Housing, Communities and Local Government](https://assets.publishing.service.gov.uk/media/6a0324ed4fb0713aa63ea7ca/Tables_1-6_-_England_and_Wales_24-25_-_ecomms.ods).





**Local Government Pension Scheme, England and Wales: value of the funds at 31 March, £ billion**










**The numbers behind this chart**





| Year | Market value of the funds |
| --- | --- |
| 2012-13 | £176.8bn |
| 2013-14 | £188.6bn |
| 2014-15 | £214.0bn |
| 2015-16 | £213.9bn |
| 2016-17 | £258.8bn |
| 2017-18 | £270.9bn |
| 2018-19 | £287.2bn |
| 2019-20 | £272.4bn |
| 2020-21 | £337.1bn |
| 2021-22 | £364.0bn |
| 2022-23 | £359.2bn |
| 2023-24 | £391.5bn |
| 2024-25 | £402.3bn |






Figure as of 22 October 2025. Source:
[Ministry of Housing, Communities and Local Government](https://assets.publishing.service.gov.uk/media/6a0324ed4fb0713aa63ea7ca/Tables_1-6_-_England_and_Wales_24-25_-_ecomms.ods).






| Year | Benefits paid | Contributions | Contributions less benefits | Value of the funds | Members (thousands) |
| --- | --- | --- | --- | --- | --- |
| 2024-25Details | £15.4bn | £13.3bn | −£2.0bn | £402.3bn | 6,860 |
| Benefits paid£15.4bnContributions£13.3bnValue of the funds£402.3bnMembers (thousands)6,860 | | | | | |
| 2023-24Details | £13.7bn | £13.6bn | −£148m | £391.5bn | 6,740 |
| Benefits paid£13.7bnContributions£13.6bnValue of the funds£391.5bnMembers (thousands)6,740 | | | | | |
| 2022-23Details | £12.3bn | £11.3bn | −£998m | £359.2bn | 6,570 |
| Benefits paid£12.3bnContributions£11.3bnValue of the funds£359.2bnMembers (thousands)6,570 | | | | | |
| 2021-22Details | £11.5bn | £10.4bn | −£1.2bn | £364.0bn | 6,318 |
| Benefits paid£11.5bnContributions£10.4bnValue of the funds£364.0bnMembers (thousands)6,318 | | | | | |
| 2020-21Details | £11.1bn | £12.8bn | £1.7bn | £337.1bn | 6,129 |
| Benefits paid£11.1bnContributions£12.8bnValue of the funds£337.1bnMembers (thousands)6,129 | | | | | |
| 2019-20Details | £10.9bn | £10.0bn | −£913m | £272.4bn | 6,059 |
| Benefits paid£10.9bnContributions£10.0bnValue of the funds£272.4bnMembers (thousands)6,059 | | | | | |





Source: Ministry of Housing, Communities and Local Government, [Local government pension scheme funds for England and Wales, 2024-25 (SF3): tables 1, 2 and 4, with earlier editions back to 2016-17](https://assets.publishing.service.gov.uk/media/6a0324ed4fb0713aa63ea7ca/Tables_1-6_-_England_and_Wales_24-25_-_ecomms.ods), published 22 October 2025.



### Fund by fund



Each fund is run by a council (or, for the Environment Agency, the South Yorkshire Pensions Authority and the London Pensions Fund
Authority, a body of its own) and covers the councils, schools and other employers that belong to it, so a fund’s area is usually wider
than its council’s. These figures sit beside the money; none of them shows how well a fund is run.



Search




| Fund | Benefits paid | Members | Employers’ primary rate | Administration cost per member | Assets per member | Investment costs, % of assets | Pensioners per 100 contributing members |
| --- | --- | --- | --- | --- | --- | --- | --- |
| **England**Details | £14.4bn | 6,445,328 | — | £32.51 | £58,404 | 0.49% | 102 |
| Members6,445,328Employers’ primary rate—Administration cost per member£32.51Assets per member£58,404Investment costs, % of assets0.49%Pensioners per 100 contributing members102 | | | | | | | |
| **Wales**Details | £975m | 414,792 | — | £40.64 | £62,415 | 0.43% | 86 |
| Members414,792Employers’ primary rate—Administration cost per member£40.64Assets per member£62,415Investment costs, % of assets0.43%Pensioners per 100 contributing members86 | | | | | | | |
| **England and Wales**Details | £15.4bn | 6,860,120 | — | £33.00 | £58,646 | 0.49% | 101 |
| Members6,860,120Employers’ primary rate—Administration cost per member£33.00Assets per member£58,646Investment costs, % of assets0.49%Pensioners per 100 contributing members101 | | | | | | | |
| Barking & DagenhamDetails | £58m | 20,696 | 21.2% | £36.82 | £74,958 | 0.32% | 106 |
| Members20,696Employers’ primary rate21.2%Administration cost per member£36.82Assets per member£74,958Investment costs, % of assets0.32%Pensioners per 100 contributing members106 | | | | | | | |
| BarnetDetails | £77m | 29,865 | 20.0% | £62.98 | £56,733 | 0.89% | 115 |
| Members29,865Employers’ primary rate20.0%Administration cost per member£62.98Assets per member£56,733Investment costs, % of assets0.89%Pensioners per 100 contributing members115 | | | | | | | |
| Bath & North East SomersetDetails | £251m | 129,523 | 18.6% | £35.07 | £44,674 | 0.39% | 98 |
| Members129,523Employers’ primary rate18.6%Administration cost per member£35.07Assets per member£44,674Investment costs, % of assets0.39%Pensioners per 100 contributing members98 | | | | | | | |
| BedfordshireDetails | £143m | 83,168 | 19.6% | £27.99 | £43,941 | 0.64% | 92 |
| Members83,168Employers’ primary rate19.6%Administration cost per member£27.99Assets per member£43,941Investment costs, % of assets0.64%Pensioners per 100 contributing members92 | | | | | | | |
| BexleyDetails | £44m | 17,805 | 20.8% | £37.91 | £57,988 | 0.93% | 108 |
| Members17,805Employers’ primary rate20.8%Administration cost per member£37.91Assets per member£57,988Investment costs, % of assets0.93%Pensioners per 100 contributing members108 | | | | | | | |
| BrentDetails | £60m | 22,794 | 21.3% | £106.48 | £57,594 | 0.18% | 114 |
| Members22,794Employers’ primary rate21.3%Administration cost per member£106.48Assets per member£57,594Investment costs, % of assets0.18%Pensioners per 100 contributing members114 | | | | | | | |
| BromleyDetails | £44m | 21,286 | 19.0% | £51.49 | £69,938 | 0.49% | 93 |
| Members21,286Employers’ primary rate19.0%Administration cost per member£51.49Assets per member£69,938Investment costs, % of assets0.49%Pensioners per 100 contributing members93 | | | | | | | |
| BuckinghamshireDetails | £162m | 84,755 | 19.7% | £33.15 | £50,863 | 0.67% | 93 |
| Members84,755Employers’ primary rate19.7%Administration cost per member£33.15Assets per member£50,863Investment costs, % of assets0.67%Pensioners per 100 contributing members93 | | | | | | | |
| CambridgeshireDetails | £155m | 101,094 | 18.4% | £32.06 | £48,533 | 0.47% | 84 |
| Members101,094Employers’ primary rate18.4%Administration cost per member£32.06Assets per member£48,533Investment costs, % of assets0.47%Pensioners per 100 contributing members84 | | | | | | | |
| CamdenDetails | £77m | 23,578 | 20.0% | £39.10 | £92,082 | 0.66% | 128 |
| Members23,578Employers’ primary rate20.0%Administration cost per member£39.10Assets per member£92,082Investment costs, % of assets0.66%Pensioners per 100 contributing members128 | | | | | | | |
| CardiffDetails | £121m | 47,497 | 18.3% | £50.95 | £64,868 | 0.20% | 78 |
| Members47,497Employers’ primary rate18.3%Administration cost per member£50.95Assets per member£64,868Investment costs, % of assets0.20%Pensioners per 100 contributing members78 | | | | | | | |
| CarmarthenshireDetails | £124m | 53,762 | 19.8% | £32.79 | £66,264 | 0.28% | 90 |
| Members53,762Employers’ primary rate19.8%Administration cost per member£32.79Assets per member£66,264Investment costs, % of assets0.28%Pensioners per 100 contributing members90 | | | | | | | |
| CheshireDetails | £261m | 118,259 | 21.9% | £27.75 | £56,663 | 0.37% | 73 |
| Members118,259Employers’ primary rate21.9%Administration cost per member£27.75Assets per member£56,663Investment costs, % of assets0.37%Pensioners per 100 contributing members73 | | | | | | | |
| City of LondonDetails | £63m | 15,532 | 18.6% | £50.80 | £98,201 | 0.47% | 96 |
| Members15,532Employers’ primary rate18.6%Administration cost per member£50.80Assets per member£98,201Investment costs, % of assets0.47%Pensioners per 100 contributing members96 | | | | | | | |
| CornwallDetails | £110m | 60,928 | 20.5% | £34.01 | £41,457 | 0.93% | 109 |
| Members60,928Employers’ primary rate20.5%Administration cost per member£34.01Assets per member£41,457Investment costs, % of assets0.93%Pensioners per 100 contributing members109 | | | | | | | |
| CroydonDetails | £76m | 32,034 | 20.4% | £47.32 | £61,283 | 0.66% | 102 |
| Members32,034Employers’ primary rate20.4%Administration cost per member£47.32Assets per member£61,283Investment costs, % of assets0.66%Pensioners per 100 contributing members102 | | | | | | | |
| CumbriaDetails | £128m | 67,223 | 18.9% | £37.00 | £51,704 | 0.63% | 98 |
| Members67,223Employers’ primary rate18.9%Administration cost per member£37.00Assets per member£51,704Investment costs, % of assets0.63%Pensioners per 100 contributing members98 | | | | | | | |
| DerbyshireDetails | £245m | 111,270 | 21.0% | £27.86 | £60,139 | 0.46% | 99 |
| Members111,270Employers’ primary rate21.0%Administration cost per member£27.86Assets per member£60,139Investment costs, % of assets0.46%Pensioners per 100 contributing members99 | | | | | | | |
| DevonDetails | £259m | 131,251 | 19.2% | £25.03 | £46,701 | 0.45% | 103 |
| Members131,251Employers’ primary rate19.2%Administration cost per member£25.03Assets per member£46,701Investment costs, % of assets0.45%Pensioners per 100 contributing members103 | | | | | | | |
| DorsetDetails | £182m | 82,779 | 19.1% | £32.93 | £49,352 | 0.46% | 107 |
| Members82,779Employers’ primary rate19.1%Administration cost per member£32.93Assets per member£49,352Investment costs, % of assets0.46%Pensioners per 100 contributing members107 | | | | | | | |
| DurhamDetails | £188m | 66,998 | 18.9% | £18.64 | £56,007 | 0.31% | 100 |
| Members66,998Employers’ primary rate18.9%Administration cost per member£18.64Assets per member£56,007Investment costs, % of assets0.31%Pensioners per 100 contributing members100 | | | | | | | |
| EalingDetails | £68m | 28,559 | 22.5% | £66.81 | £60,005 | 0.22% | 92 |
| Members28,559Employers’ primary rate22.5%Administration cost per member£66.81Assets per member£60,005Investment costs, % of assets0.22%Pensioners per 100 contributing members92 | | | | | | | |
| East Riding of YorkshireDetails | £233m | 131,526 | 20.9% | £26.15 | £53,677 | 0.03% | 99 |
| Members131,526Employers’ primary rate20.9%Administration cost per member£26.15Assets per member£53,677Investment costs, % of assets0.03%Pensioners per 100 contributing members99 | | | | | | | |
| East SussexDetails | £178m | 87,256 | 20.2% | £40.16 | £57,171 | 0.51% | 106 |
| Members87,256Employers’ primary rate20.2%Administration cost per member£40.16Assets per member£57,171Investment costs, % of assets0.51%Pensioners per 100 contributing members106 | | | | | | | |
| EnfieldDetails | £62m | 24,617 | 18.9% | £63.37 | £65,184 | 0.69% | 92 |
| Members24,617Employers’ primary rate18.9%Administration cost per member£63.37Assets per member£65,184Investment costs, % of assets0.69%Pensioners per 100 contributing members92 | | | | | | | |
| Environment Agency Active Pension FundDetails | £136m | 31,297 | 24.2% | £65.69 | £152,216 | 0.43% | 63 |
| Members31,297Employers’ primary rate24.2%Administration cost per member£65.69Assets per member£152,216Investment costs, % of assets0.43%Pensioners per 100 contributing members63 | | | | | | | |
| Environment Agency Closed Pension FundDetails | £42m | 8,790 | 0.0% | £81.23 | £27,311 | 0.02% | — |
| Members8,790Employers’ primary rate0.0%Administration cost per member£81.23Assets per member£27,311Investment costs, % of assets0.02%Pensioners per 100 contributing members— | | | | | | | |
| EssexDetails | £354m | 183,353 | 22.0% | £26.10 | £62,699 | 0.76% | 94 |
| Members183,353Employers’ primary rate22.0%Administration cost per member£26.10Assets per member£62,699Investment costs, % of assets0.76%Pensioners per 100 contributing members94 | | | | | | | |
| FlintshireDetails | £111m | 48,588 | 19.2% | £57.46 | £50,339 | 1.10% | 99 |
| Members48,588Employers’ primary rate19.2%Administration cost per member£57.46Assets per member£50,339Investment costs, % of assets1.10%Pensioners per 100 contributing members99 | | | | | | | |
| GloucestershireDetails | £123m | 64,853 | 21.8% | £42.36 | £55,363 | 0.81% | 101 |
| Members64,853Employers’ primary rate21.8%Administration cost per member£42.36Assets per member£55,363Investment costs, % of assets0.81%Pensioners per 100 contributing members101 | | | | | | | |
| GreenwichDetails | £81m | 27,579 | 18.2% | £50.73 | £63,618 | 0.24% | 101 |
| Members27,579Employers’ primary rate18.2%Administration cost per member£50.73Assets per member£63,618Investment costs, % of assets0.24%Pensioners per 100 contributing members101 | | | | | | | |
| GwyneddDetails | £95m | 47,472 | 21.8% | £41.88 | £68,076 | 0.49% | 66 |
| Members47,472Employers’ primary rate21.8%Administration cost per member£41.88Assets per member£68,076Investment costs, % of assets0.49%Pensioners per 100 contributing members66 | | | | | | | |
| HackneyDetails | £81m | 28,003 | 20.4% | £57.78 | £75,697 | 0.59% | 115 |
| Members28,003Employers’ primary rate20.4%Administration cost per member£57.78Assets per member£75,697Investment costs, % of assets0.59%Pensioners per 100 contributing members115 | | | | | | | |
| Hammersmith & FulhamDetails | £59m | 18,406 | 20.7% | £61.77 | £76,792 | 0.48% | 127 |
| Members18,406Employers’ primary rate20.7%Administration cost per member£61.77Assets per member£76,792Investment costs, % of assets0.48%Pensioners per 100 contributing members127 | | | | | | | |
| HampshireDetails | £390m | 212,203 | 18.1% | £15.41 | £48,142 | 0.97% | 92 |
| Members212,203Employers’ primary rate18.1%Administration cost per member£15.41Assets per member£48,142Investment costs, % of assets0.97%Pensioners per 100 contributing members92 | | | | | | | |
| HaringeyDetails | £74m | 24,778 | 17.3% | £53.96 | £78,300 | 0.28% | 140 |
| Members24,778Employers’ primary rate17.3%Administration cost per member£53.96Assets per member£78,300Investment costs, % of assets0.28%Pensioners per 100 contributing members140 | | | | | | | |
| HarrowDetails | £50m | 20,258 | 18.1% | £51.34 | £53,154 | 0.26% | 127 |
| Members20,258Employers’ primary rate18.1%Administration cost per member£51.34Assets per member£53,154Investment costs, % of assets0.26%Pensioners per 100 contributing members127 | | | | | | | |
| HaveringDetails | £49m | 22,634 | 20.7% | £44.36 | £44,554 | 0.42% | 89 |
| Members22,634Employers’ primary rate20.7%Administration cost per member£44.36Assets per member£44,554Investment costs, % of assets0.42%Pensioners per 100 contributing members89 | | | | | | | |
| HertfordshireDetails | £236m | 123,100 | 21.1% | £41.84 | £52,078 | 0.37% | 76 |
| Members123,100Employers’ primary rate21.1%Administration cost per member£41.84Assets per member£52,078Investment costs, % of assets0.37%Pensioners per 100 contributing members76 | | | | | | | |
| HillingdonDetails | £65m | 30,486 | 23.5% | £39.76 | £46,133 | 0.82% | 93 |
| Members30,486Employers’ primary rate23.5%Administration cost per member£39.76Assets per member£46,133Investment costs, % of assets0.82%Pensioners per 100 contributing members93 | | | | | | | |
| HounslowDetails | £59m | 24,631 | 19.3% | £49.98 | £55,377 | 0.74% | 129 |
| Members24,631Employers’ primary rate19.3%Administration cost per member£49.98Assets per member£55,377Investment costs, % of assets0.74%Pensioners per 100 contributing members129 | | | | | | | |
| Isle of WightDetails | £30m | 18,668 | 22.0% | £71.14 | £42,844 | 0.95% | 143 |
| Members18,668Employers’ primary rate22.0%Administration cost per member£71.14Assets per member£42,844Investment costs, % of assets0.95%Pensioners per 100 contributing members143 | | | | | | | |
| IslingtonDetails | £79m | 22,921 | 18.3% | £88.04 | £88,924 | 0.49% | 102 |
| Members22,921Employers’ primary rate18.3%Administration cost per member£88.04Assets per member£88,924Investment costs, % of assets0.49%Pensioners per 100 contributing members102 | | | | | | | |
| Kensington & ChelseaDetails | £46m | 13,314 | 15.0% | £106.73 | £137,153 | 0.30% | 100 |
| Members13,314Employers’ primary rate15.0%Administration cost per member£106.73Assets per member£137,153Investment costs, % of assets0.30%Pensioners per 100 contributing members100 | | | | | | | |
| KentDetails | £333m | 158,479 | 20.5% | £37.80 | £53,330 | 0.39% | 92 |
| Members158,479Employers’ primary rate20.5%Administration cost per member£37.80Assets per member£53,330Investment costs, % of assets0.39%Pensioners per 100 contributing members92 | | | | | | | |
| Kingston upon ThamesDetails | £44m | 19,719 | 18.6% | £54.01 | £65,633 | 0.47% | 101 |
| Members19,719Employers’ primary rate18.6%Administration cost per member£54.01Assets per member£65,633Investment costs, % of assets0.47%Pensioners per 100 contributing members101 | | | | | | | |
| LambethDetails | £77m | 22,133 | 19.3% | £96.15 | £81,094 | 0.44% | 169 |
| Members22,133Employers’ primary rate19.3%Administration cost per member£96.15Assets per member£81,094Investment costs, % of assets0.44%Pensioners per 100 contributing members169 | | | | | | | |
| LancashireDetails | £411m | 206,947 | 19.2% | £29.15 | £57,861 | 0.75% | 91 |
| Members206,947Employers’ primary rate19.2%Administration cost per member£29.15Assets per member£57,861Investment costs, % of assets0.75%Pensioners per 100 contributing members91 | | | | | | | |
| LeicestershireDetails | £242m | 109,987 | 23.1% | £21.82 | £60,894 | 0.72% | 87 |
| Members109,987Employers’ primary rate23.1%Administration cost per member£21.82Assets per member£60,894Investment costs, % of assets0.72%Pensioners per 100 contributing members87 | | | | | | | |
| LewishamDetails | £71m | 27,586 | 22.0% | £50.28 | £68,175 | 0.10% | 134 |
| Members27,586Employers’ primary rate22.0%Administration cost per member£50.28Assets per member£68,175Investment costs, % of assets0.10%Pensioners per 100 contributing members134 | | | | | | | |
| LincolnshireDetails | £135m | 85,574 | 24.1% | £19.87 | £41,538 | 0.32% | 114 |
| Members85,574Employers’ primary rate24.1%Administration cost per member£19.87Assets per member£41,538Investment costs, % of assets0.32%Pensioners per 100 contributing members114 | | | | | | | |
| London Pensions Fund AuthDetails | £332m | 100,652 | 15.2% | £30.58 | £80,244 | 1.05% | 161 |
| Members100,652Employers’ primary rate15.2%Administration cost per member£30.58Assets per member£80,244Investment costs, % of assets1.05%Pensioners per 100 contributing members161 | | | | | | | |
| Merseyside Pension FundDetails | £484m | 157,801 | 18.7% | £25.40 | £69,459 | 0.44% | 120 |
| Members157,801Employers’ primary rate18.7%Administration cost per member£25.40Assets per member£69,459Investment costs, % of assets0.44%Pensioners per 100 contributing members120 | | | | | | | |
| MertonDetails | £37m | 16,025 | 23.3% | £40.19 | £59,733 | 0.28% | 98 |
| Members16,025Employers’ primary rate23.3%Administration cost per member£40.19Assets per member£59,733Investment costs, % of assets0.28%Pensioners per 100 contributing members98 | | | | | | | |
| MiddlesbroughDetails | £201m | 84,154 | 19.7% | £30.43 | £66,271 | 0.10% | 112 |
| Members84,154Employers’ primary rate19.7%Administration cost per member£30.43Assets per member£66,271Investment costs, % of assets0.10%Pensioners per 100 contributing members112 | | | | | | | |
| NewhamDetails | £79m | 33,030 | 18.4% | £52.10 | £58,599 | 0.19% | 80 |
| Members33,030Employers’ primary rate18.4%Administration cost per member£52.10Assets per member£58,599Investment costs, % of assets0.19%Pensioners per 100 contributing members80 | | | | | | | |
| NorfolkDetails | £201m | 108,317 | 22.4% | £20.59 | £50,769 | 0.58% | 99 |
| Members108,317Employers’ primary rate22.4%Administration cost per member£20.59Assets per member£50,769Investment costs, % of assets0.58%Pensioners per 100 contributing members99 | | | | | | | |
| North YorkshireDetails | £175m | 102,787 | 20.1% | £22.32 | £46,246 | 0.76% | 108 |
| Members102,787Employers’ primary rate20.1%Administration cost per member£22.32Assets per member£46,246Investment costs, % of assets0.76%Pensioners per 100 contributing members108 | | | | | | | |
| NorthamptonshireDetails | £133m | 83,172 | 20.5% | £36.61 | £45,066 | 0.34% | 81 |
| Members83,172Employers’ primary rate20.5%Administration cost per member£36.61Assets per member£45,066Investment costs, % of assets0.34%Pensioners per 100 contributing members81 | | | | | | | |
| NottinghamshireDetails | £302m | 164,881 | 19.0% | £21.42 | £44,043 | 0.31% | 103 |
| Members164,881Employers’ primary rate19.0%Administration cost per member£21.42Assets per member£44,043Investment costs, % of assets0.31%Pensioners per 100 contributing members103 | | | | | | | |
| OxfordshireDetails | £130m | 75,407 | 18.9% | £44.03 | £48,405 | 0.51% | 91 |
| Members75,407Employers’ primary rate18.9%Administration cost per member£44.03Assets per member£48,405Investment costs, % of assets0.51%Pensioners per 100 contributing members91 | | | | | | | |
| PowysDetails | £40m | 18,900 | 21.4% | £83.02 | £45,517 | 0.61% | 101 |
| Members18,900Employers’ primary rate21.4%Administration cost per member£83.02Assets per member£45,517Investment costs, % of assets0.61%Pensioners per 100 contributing members101 | | | | | | | |
| RedbridgeDetails | £46m | 20,621 | 19.1% | £41.80 | £51,168 | 0.19% | 83 |
| Members20,621Employers’ primary rate19.1%Administration cost per member£41.80Assets per member£51,168Investment costs, % of assets0.19%Pensioners per 100 contributing members83 | | | | | | | |
| Rhondda Cynon TaffDetails | £189m | 79,438 | 19.6% | £35.24 | £60,208 | 0.37% | 98 |
| Members79,438Employers’ primary rate19.6%Administration cost per member£35.24Assets per member£60,208Investment costs, % of assets0.37%Pensioners per 100 contributing members98 | | | | | | | |
| ShropshireDetails | £113m | 50,098 | 18.4% | £38.84 | £52,425 | 0.77% | 99 |
| Members50,098Employers’ primary rate18.4%Administration cost per member£38.84Assets per member£52,425Investment costs, % of assets0.77%Pensioners per 100 contributing members99 | | | | | | | |
| SomersetDetails | £136m | 71,987 | 22.0% | £24.60 | £45,246 | 0.33% | 107 |
| Members71,987Employers’ primary rate22.0%Administration cost per member£24.60Assets per member£45,246Investment costs, % of assets0.33%Pensioners per 100 contributing members107 | | | | | | | |
| South Yorkshire Pensions FundDetails | £427m | 181,178 | 20.3% | £31.36 | £61,334 | 0.85% | 123 |
| Members181,178Employers’ primary rate20.3%Administration cost per member£31.36Assets per member£61,334Investment costs, % of assets0.85%Pensioners per 100 contributing members123 | | | | | | | |
| SouthwarkDetails | £81m | 27,584 | 20.4% | £118.40 | £81,977 | 0.47% | 94 |
| Members27,584Employers’ primary rate20.4%Administration cost per member£118.40Assets per member£81,977Investment costs, % of assets0.47%Pensioners per 100 contributing members94 | | | | | | | |
| StaffordshireDetails | £257m | 121,007 | 21.5% | £29.13 | £63,836 | 0.27% | 128 |
| Members121,007Employers’ primary rate21.5%Administration cost per member£29.13Assets per member£63,836Investment costs, % of assets0.27%Pensioners per 100 contributing members128 | | | | | | | |
| SuffolkDetails | £145m | 74,646 | 22.5% | £26.93 | £59,893 | 0.28% | 89 |
| Members74,646Employers’ primary rate22.5%Administration cost per member£26.93Assets per member£59,893Investment costs, % of assets0.28%Pensioners per 100 contributing members89 | | | | | | | |
| SurreyDetails | £227m | 130,217 | 18.9% | £36.72 | £46,764 | 0.09% | 89 |
| Members130,217Employers’ primary rate18.9%Administration cost per member£36.72Assets per member£46,764Investment costs, % of assets0.09%Pensioners per 100 contributing members89 | | | | | | | |
| SuttonDetails | £43m | 19,129 | 18.8% | £65.29 | £51,177 | 0.39% | 81 |
| Members19,129Employers’ primary rate18.8%Administration cost per member£65.29Assets per member£51,177Investment costs, % of assets0.39%Pensioners per 100 contributing members81 | | | | | | | |
| SwanseaDetails | £120m | 51,776 | 21.3% | £34.15 | £67,143 | 0.47% | 76 |
| Members51,776Employers’ primary rate21.3%Administration cost per member£34.15Assets per member£67,143Investment costs, % of assets0.47%Pensioners per 100 contributing members76 | | | | | | | |
| TamesideDetails | £1.2bn | 437,708 | 18.9% | £22.98 | £73,781 | 0.35% | 122 |
| Members437,708Employers’ primary rate18.9%Administration cost per member£22.98Assets per member£73,781Investment costs, % of assets0.35%Pensioners per 100 contributing members122 | | | | | | | |
| TorfaenDetails | £175m | 67,359 | 19.0% | £26.11 | £66,043 | 0.31% | 87 |
| Members67,359Employers’ primary rate19.0%Administration cost per member£26.11Assets per member£66,043Investment costs, % of assets0.31%Pensioners per 100 contributing members87 | | | | | | | |
| Tower HamletsDetails | £83m | 24,188 | 19.4% | £89.71 | £90,620 | 0.57% | 94 |
| Members24,188Employers’ primary rate19.4%Administration cost per member£89.71Assets per member£90,620Investment costs, % of assets0.57%Pensioners per 100 contributing members94 | | | | | | | |
| Tyne and Wear Superannuation FundDetails | £539m | 186,904 | 18.6% | £20.46 | £72,388 | 0.63% | 113 |
| Members186,904Employers’ primary rate18.6%Administration cost per member£20.46Assets per member£72,388Investment costs, % of assets0.63%Pensioners per 100 contributing members113 | | | | | | | |
| Waltham ForestDetails | £63m | 26,829 | 16.7% | £50.84 | £40,683 | 0.86% | 119 |
| Members26,829Employers’ primary rate16.7%Administration cost per member£50.84Assets per member£40,683Investment costs, % of assets0.86%Pensioners per 100 contributing members119 | | | | | | | |
| WandsworthDetails | £103m | 43,521 | 20.0% | £31.50 | £72,490 | 0.39% | 103 |
| Members43,521Employers’ primary rate20.0%Administration cost per member£31.50Assets per member£72,490Investment costs, % of assets0.39%Pensioners per 100 contributing members103 | | | | | | | |
| WarwickshireDetails | £115m | 60,076 | 20.7% | £36.62 | £51,188 | 0.66% | 94 |
| Members60,076Employers’ primary rate20.7%Administration cost per member£36.62Assets per member£51,188Investment costs, % of assets0.66%Pensioners per 100 contributing members94 | | | | | | | |
| West Midlands Pension FundDetails | £905m | 363,502 | 21.7% | £41.54 | £58,846 | 0.48% | 94 |
| Members363,502Employers’ primary rate21.7%Administration cost per member£41.54Assets per member£58,846Investment costs, % of assets0.48%Pensioners per 100 contributing members94 | | | | | | | |
| West SussexDetails | £163m | 91,453 | 18.4% | £14.84 | £64,163 | 0.50% | 92 |
| Members91,453Employers’ primary rate18.4%Administration cost per member£14.84Assets per member£64,163Investment costs, % of assets0.50%Pensioners per 100 contributing members92 | | | | | | | |
| West Yorkshire Superannuation FundDetails | £783m | 327,632 | 16.4% | £18.93 | £60,951 | 0.04% | 109 |
| Members327,632Employers’ primary rate16.4%Administration cost per member£18.93Assets per member£60,951Investment costs, % of assets0.04%Pensioners per 100 contributing members109 | | | | | | | |
| WestminsterDetails | £73m | 19,401 | 16.8% | £45.82 | £108,018 | 0.69% | 133 |
| Members19,401Employers’ primary rate16.8%Administration cost per member£45.82Assets per member£108,018Investment costs, % of assets0.69%Pensioners per 100 contributing members133 | | | | | | | |
| WiltshireDetails | £131m | 89,077 | 23.7% | £27.82 | £38,837 | 1.12% | 90 |
| Members89,077Employers’ primary rate23.7%Administration cost per member£27.82Assets per member£38,837Investment costs, % of assets1.12%Pensioners per 100 contributing members90 | | | | | | | |
| Windsor & MaidenheadDetails | £155m | 82,780 | 16.9% | £29.54 | £37,658 | 1.00% | 79 |
| Members82,780Employers’ primary rate16.9%Administration cost per member£29.54Assets per member£37,658Investment costs, % of assets1.00%Pensioners per 100 contributing members79 | | | | | | | |
| WorcestershireDetails | £158m | 71,069 | 18.8% | £38.92 | £55,723 | 0.45% | 97 |
| Members71,069Employers’ primary rate18.8%Administration cost per member£38.92Assets per member£55,723Investment costs, % of assets0.45%Pensioners per 100 contributing members97 | | | | | | | |











What each measure counts



- Employers’ primary contribution rate

The rate the fund’s actuary set for employers to cover pensions being earned now, as a share of members’ pay, averaged across the fund’s employers (SF3). Deficit payments (“secondary contributions”) come on top. Set at each three-yearly valuation, so it moves in steps.
- Administration cost per member

The fund’s administration expenses divided by all its members (contributing, deferred and pensioners). Investment management and governance costs are left out. Funds record costs in slightly different ways.
- Assets per member

The market value of the fund at 31 March divided by all its members. Not a funding level: that needs the value of what is owed, which SF3 does not collect.
- Investment management costs, % of assets

Investment management expenses divided by the fund’s market value at the end of the year. Depends on the mix of assets (private equity and property cost more to manage than index funds) as well as on value for money.
- Pensioners for every 100 contributing members

Pensioners (including dependants) divided by contributing members, times 100: how mature the fund is.





Figures for 2024-25. Group rows are worked out over the funds’ combined totals. Funding levels need each fund’s valuation and are not collected in SF3.



Source: Ministry of Housing, Communities and Local Government, [Local government pension scheme funds: consolidated data by fund, 2022-23, 2023-24, 2024-25](https://assets.publishing.service.gov.uk/media/6a0430828cc72d2f863ea84b/SF3_Consolidated_Data_2024-25_-_ecomms.csv), published 22 October 2025.





## How the Treasury’s budget counts it



HM Treasury’s budgets do not use the cash figures above. They count the cost of pensions as they are earned, which is why its line can
be a large cost one year and a saving a few years later while the cash paid out barely changes.




**HM Treasury’s budgeting measure: “net public service pensions”, £ billion**








PESA table 1.1, outturn, each year from the newest edition that has it. An accounting measure, not cash: the pensions earned in the year plus interest on the liability, less contributions. It swings with the discount rate used to value pensions: PESA 2021 puts the rise from 2017-18 down to a lower rate.




**The numbers behind this chart**





| Year | Net public service pensions (resource AME) |
| --- | --- |
| 2011-12 | £6.0bn |
| 2012-13 | £5.0bn |
| 2013-14 | £5.4bn |
| 2014-15 | £9.6bn |
| 2015-16 | £12.2bn |
| 2016-17 | £9.5bn |
| 2017-18 | £26.9bn |
| 2018-19 | £54.3bn |
| 2019-20 | £31.4bn |
| 2020-21 | £42.1bn |
| 2021-22 | £57.4bn |
| 2022-23 | £51.7bn |
| 2023-24 | £-6.9bn |
| 2024-25 | £-18.5bn |
| 2025-26 | £-16.9bn |






Figure as of 16 July 2026. Source:
[HM Treasury](https://assets.publishing.service.gov.uk/media/6a57728b822fbe6b8245c9a1/PESA_2026_CP_Chapter_1_tables.xlsx).






## What is not published




Figures asked for that are not here, and why



- Each police force’s and fire authority’s pension fund account

Kept in each force’s and authority’s own statement of accounts; the Home Office and MHCLG do not publish a table of the top-up grants by force or authority. The OBR gives the England and Wales police total and the England fire total.
- Welsh firefighters’ pensions

Paid for by the Welsh Government and not named in the OBR’s table (they are in its “other” line).
- Members and pensioners of the Scottish and Northern Irish schemes

In the Scottish Public Pensions Agency’s and Northern Ireland’s scheme accounts (PDF), not read here; their money is in the OBR’s table and their liabilities in the Whole of Government Accounts.
- Staff who run the unfunded schemes

The schemes are run by NHS Pensions (NHS Business Services Authority), Capita (teachers, civil service), Veterans UK and others; their staff are not reported per scheme. For the LGPS, each fund reports its administration staff.
- The Local Government Pension Scheme in Scotland (11 funds) and Northern Ireland (NILGOSC)

Published in each fund’s annual report, with no collected statistics like England and Wales’s SF3; the Whole of Government Accounts include their share of the net liability.
- A funding level for each LGPS fund

Needs the value of what each fund owes, which comes from its three-yearly valuation, not from SF3.





The state pension, which is not a public service pension, is on [the welfare spending forecast](/welfare-spending-forecast/).





## What these figures do and don't show



- **Cash, not promises.** The main figures are what was paid out and paid in during the year. Pensions being earned now show up in the liability and in HM Treasury’s budgeting measure, both shown separately.
- **Employer contributions are mostly public money,** paid from the budgets of hospitals, schools, departments and forces.
- **The liability is a valuation.** It swings with the discount rate and is not part of a year’s spending or of public sector net debt.
- **Named schemes only.** Smaller schemes are in the OBR’s “other” line, net only, and left out; the Scottish police and firefighters’ schemes are counted from 2024-25.
- **Cash and real terms.** Tables are cash; the long-run chart also shows real terms (HM Treasury GDP deflator). Before 2015-16 the OBR rounds to £0.1 billion.
- **Not split by nation.** The biggest schemes cover England and Wales or the UK.
- **The funded Local Government Pension Scheme is separate,** covers England and Wales only, and is never added to the unfunded schemes.




Figures from data/services/pensions.json, generated 29 September 2026.



## Common questions


Are public sector pensions funded?
Most are not. The NHS, teachers’, civil service, armed forces, police and firefighters’ schemes are unfunded: pensions are paid from the contributions coming in, and the Exchequer meets any gap. The Local Government Pension Scheme, for council and many other staff, is funded: contributions are invested and pensions are paid from the funds.Who pays public sector employer pension contributions?
The employer: an NHS trust, a school or academy trust, a government department, a police force or a fire authority. Almost all of them are funded by the taxpayer, so employer contributions are largely public money moved from one budget to another.Why does the public sector pension liability change so much from year to year?
Because it is the value today of pensions to be paid over many decades, worked out with a discount rate linked to interest rates. When the rate rises, the liability falls, and the other way round, even when the pensions promised have not changed.





## Use this data



The figures belong to the bodies that published them and are used under their terms, listed in
[Sources for this page](#sources); most are Crown copyright under the Open Government Licence.
Only our own words, analysis, charts and derived calculations are ours, published under
[CC BY 4.0](https://creativecommons.org/licenses/by/4.0/): reuse them, including
commercially, if you credit [Tekstak Ltd](https://tek-stak.co.uk) and link back to this page.



### Download



- [Public sector pensions: the dataset (CSV)](/data/services/pensions.csv)
[JSON](/data/services/pensions.json)

- [All data, field definitions and licences](/data/)







## Sources for this page





| Source | Publisher | Figures as of | Updated | Licence |
| --- | --- | --- | --- | --- |
| [Economic and fiscal outlook, March 2026: detailed forecast tables, expenditure (breakdown of public service pension schemes expenditure and receipts), with 19 earlier editions for past years](https://obr.uk/download/march-2026-economic-and-fiscal-outlook-detailed-forecast-tables-expenditure/) | Office for Budget Responsibility | 3 March 2026 | annual | [Open Government Licence v3.0](https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/) |
| [Whole of Government Accounts, 2009-10 to 2024-25: public sector pensions note](https://assets.publishing.service.gov.uk/media/6a326e66c6e94f095f3ef936/HMT_Whole_of_Gov_Accounts_2024-25_Web_Accessible.pdf) | HM Treasury | 18 June 2026 | annual | [Open Government Licence v3.0](https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/) |
| [Fiscal risks and sustainability, July 2026](https://obr.uk/frs/fiscal-risks-and-sustainability-july-2026/) | Office for Budget Responsibility | 7 July 2026 | annual | [Open Government Licence v3.0](https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/) |
| [Local government pension scheme funds for England and Wales, 2024-25 (SF3): tables 1, 2 and 4, with earlier editions back to 2016-17](https://assets.publishing.service.gov.uk/media/6a0324ed4fb0713aa63ea7ca/Tables_1-6_-_England_and_Wales_24-25_-_ecomms.ods) | Ministry of Housing, Communities and Local Government | 22 October 2025 | annual | [Open Government Licence v3.0](https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/) |
| [PESA 2026: table 1.1, total managed expenditure ("Net public service pensions"), with PESA 2021 and PESA 2016 for earlier years](https://assets.publishing.service.gov.uk/media/6a57728b822fbe6b8245c9a1/PESA_2026_CP_Chapter_1_tables.xlsx) | HM Treasury | 16 July 2026 | annual | [Open Government Licence v3.0](https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/) |





Each source's figures are used under the licence shown. Our own words, analysis, charts and derived calculations
are ours, under [CC BY 4.0](https://creativecommons.org/licenses/by/4.0/).

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Published by [Tekstak Ltd](https://tek-stak.co.uk). Our words, analysis, charts and derived calculations: CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/), credit [Tekstak Ltd](https://tek-stak.co.uk). The figures belong to the publishers listed under Sources and are used under their licences. Figures last updated 29 September 2026.