Pensions Reform

The cash valuation is £15 billion. That is what I said in my statement, and that is still my view of the cash required to meet the liability. The net present value is around £3 billion. However, such commitments are not funded through the Government making dowries, as it were, at the beginning of the period and using that as a basis on which income can be generated to meet expenditure commitments. It is therefore important to keep in mind the cash figure, as there are many Members present who are experienced in dealing with these issues. Cash is cash, and it is always important, when presenting public spending figures, that we do not forget that.