We pressed the Treasury on whether the Government should be exploring alternative ways of paying for or funding public service pension liabilities. The Treasury responded that public service pensions remain unfunded, pay-as-you-go schemes as this is consistent with Government’s overall approach to managing the balance sheet.43 And that therefore this was not something the Government were actively looking at changing. It also pointed out that the pension liability is paid for from tax revenue, but [future] tax is not recognised as an asset.44 Non-coterminous reporting dates