Right, let's assume that all the other civil service and public sector pensions are the same, this means that the true cost to today's taxpayer of the public sector is an extra 50% on top of the official cost of public sector salaries.
There are anywhere between 7 million and 8.2 million public sector employees, depending on whether you believe column E or column M of this [Excel document], call it 7.6 million for sake of argument, on a median salary of £498 a week as at a year ago*, call it £508 as at today, makes total annual salaries £200 billion, so half again on that is £100 billion.
Each and every year.
To be paid by 30 million taxpayers, so that makes over £3,000 a year each.
In perpetuity. Because for every one that retires another one joins.
But that notional contribution of £100 bn doesn't go anywhere in real cash terms, it just gets put on the never-never. Turning back to Neil Record's actuarial approach [PDF], the net present value of an annual £100 bn liability discounted at 2% is £5,000 billion, or about three or four times gross domestic product. So his estimate of £1,000 bn is pretty much at the lower end.
And what is Mark's little asterisk for?
* Scroll down to the very end of this - rather interesting is the fact that the median private sector salary was only £439 a week. Hmmm.
This is very interesting because the trade off in the public sector was always that you were paid less than the private, but you got a jolly nice pension, thank you very much.
Now, you get a jolly nice pension and median public sector pay is higher than median private sector pay. And those of us who grub around in this eeeeeevil capitalist market-place have to fund all of this.
Aren't we lucky?