LONDON (Reuters) – Facing the largest public pension deficit for generations, the British government has appointed former cabinet minister John Hutton to lead a review of public retirement provision.

The four largest state pension funds — the health service, teachers, the civil service, and armed forces — had obligations of £780 billion ($1.2 trillion) at the end of March.

No assets have been set aside to honour these commitments which cover 78 percent of public employees but exclude significant branches of public service such as the police and fire services.

Around 2.6 million people work for the central government and a further 529,000 in its civil service. Total public pension costs have been estimated at well over £1 trillion.

Hutton, due to publish his findings by the time the government unveils its budget next spring, was expected to publish a preliminary report by early October.