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Archived Annuities News / Income Drawdown News

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Council bosses give new pension deal the seal of approval

The overwhelming majority of local government employers have given their backing to proposed changes to the staff pension scheme.

93% of the members of the Local Government Association have followed the lead of the main unions by voicing their approval for proposed changes to the Local Government Pension Scheme in England and Wales.

The deal has already been accepted by GMB, Unite and Unison, receiving the seal of approval of between 84% and 95% in ballots of their members.
The planned changes will see the pension age increase to fall in line with the state pension, to at least 68, and will also see combined contribution rates for staff and employers falling from 21.7% of staff salaries to 19.5%. This could save councils a staggering £600 million on an annual basis.

The proposals were drafted after unions took strike action in November 2011, and Communities and Local Government Secretary Eric Pickles now has to make the decision as to whether to accept the plans.

LGA chairman Sir Merrick Cockell said: "Our approach throughout this process has been to reform the pension scheme so it is fair to our staff, affordable for council tax payers and has a viable long-term future.

"The overwhelming level of support for these proposals is very encouraging and demonstrates the commitment amongst employers in local government to a manageable scheme that gives staff a decent pension when they retire."

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