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On pension, he says he will ensure public sector schemes are properly valued.
Successive Pension Acts have encouraged managers of private sector schemes to exaggerate the risk of default.
"It is possible the solvency deficit for UK private sector schemes is in excess of £1trn," he added.
In 2011 the Government announced that public sector schemes would be protected for 25 years from negative changes.
In employer schemes the discrimination has been blatant; even public sector schemes refuse to acknowledge gay partners.
Clearly the government believes there is a genuine need to reform the scheme in line with other public sector schemes.
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Public-sector schemes are expected to absorb this extra cost themselves, but private-sector schemes will struggle.
In 1995, there were 5m people in open private-sector schemes, now there are only 2m.
American public-sector schemes discount their liabilities by the expected return on their assets.
A fifth of all private-sector schemes are now of the DC kind.
Yet governments also stand behind their domestic pension funds.The commitment is explicit in the case of public-sector schemes.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com