UK - Unfunded pension promises made to past and present UK public sector workers now amount to £993bn (US$1.5trn), Towers Watson calculations revealed.
The consultant said this is £223bn more than the latest official estimate of unfunded public sector pension liabilities of £770bn March 31, 2008.
It said its up-to-date estimate took account of factors including new benefits promised since March 2009, pensions paid out to retired members and the interest built up on existing liabilities.
However it said there was a case for calculating liabilities with reference to government borrowing costs rather than companies' borrowing costs - a move which would increase liabilities to nearly £1.2trn.
Head of defined benefit pension consulting John Ball said: "The government has always said that public sector pension liabilities were well below £1trn, but that is no longer the case even on its preferred way of working out the numbers.
"Like companies preparing their accounts at the start of 2010, the government will sooner or later have to record a big increase in pension liabilities because interest rates have changed."
He added: "These liabilities are the cost of pension promises that have already been made. The pensions they represent would still have to be paid even if the government offered less generous benefits going forward. However, the scale of liabilities that have built up is a strong argument for being much more open about how much new pension promises really cost and ensuring that employees appreciate their value."
This comes as research from Axa revealed the majority of voters have real concerns over the growing disparity between public and private sector pensions.
Research from the pension provider found 61% of voters believe it is unfair that people working in the public sector generally receive better pensions than their private sector counterparts.
The research also highlighted that 44% of public sector workers agree.
Figures calculated by Axa showed a 25-year-old woman working in the private sector would have to contribute almost a quarter of her annual salary every year to receive a pension on a par with her public sector counterpart.
This is more than double the 10% figure generally assumed for private sector contributions.
Some 56% of people said pensions would be an important election issue and 36% want the party leaders to address in their TV debate how they plan to tackle the imbalance between public and private sector pension provision.
At the same time 59% of people were concerned they would not have enough money in retirement.
Axa corporate benefits managing director Paul McMahon said: "Axa's research confirms that voters are looking for direction from the main political parties on what solutions they can offer to achieve sustainable funding of pensions in the public sector and, at the same time, to achieve greater equity in the pension provision people will receive when they retire."
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