As anyone who has been unfortunate enough to have lunch with me will testify, my long-term pet hate has been the fact private sector pension funds have to account for and fund future liabilities now, while the government conveniently dodges these rules when it comes to its own liabilities.
My view is that current accounting standards make no sense, which is why the government ignores them while leaving the private sector to fend for itself. But it is now, in the era of the soverei...
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