Unfunded pension scheme – one where pension liabilities are paid for from the current employees’ and employers’ contributions, or from government funding. No money is put aside in a pension fund. Also known as a pay-as-you-go pension scheme.
Appendix 2. Project advisory group
Audit Scotland would like to thank members of the project advisory group for their input and advice throughout the audit:
Professor Andrew Cairns, Professor of Financial Mathematics, Heriot-Watt University
Mr Chad Dawtry, Director of Policy, Strategy and Development, Scottish Public Pensions Agency