The net public sector pension liability also reduced, from £2,639 billion at the end of 2021–22, to £1,415 billion at 31 March 2023 due to changes in underlying actuarial assumptions, including the changes to the discount rate.56 However, it is not possible to separately see the impact of the discount rate from other actuarial assumptions (such as life expectancy of future retirees and assumptions such as predicted pay increases for workers in future) that change each year.57

The net public sector pension liability also reduced, from £2,639 billion at the end of 2021–22, to £1,415 billion at 31 March 2023 due to changes in underlying actuarial assumptions, including the changes to the discount rate.56 However, it is not possible to separately see the impact of the discount rate from other actuarial assumptions (such as life expectancy of future retirees and assumptions such as predicted pay increases for workers in future) that change each year.57 Type: conclusion | Number: 25 | Response status: accepted Government response: 5.1 The government agrees with the Committee’s recommendation. Target implementation date: July 2025 5.2 One of the important principles of WGA is that it summarises and presents information already in the public domain. It is correct that departmental accounts should be the first place where inform