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The Difference Between The Best And Worst Pension Incomes Can Be Very Surprising

Aegon Annuities Aviva Annuities Axa Annuities Canada Life Annuities Friends Life Annuities Hodge Annuities Just Retirement Annuities Legal and General Annuities LV Annuities
MGM Annuities Novia Annuities Old Mutual Annuities Partnership Annuities Phoenix Annuities Pru Annuities Royal London Annuities Scottish Widows Annuities Zurich Annuities annuities

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Public sector pension shake-up to save £65 billion

Despite the threat of industrial action from leading employment unions, the government has announced that it is forging ahead with its proposals to overhaul public sector pensions.

The Public Service Pensions Bill 2013 has now been published, with the public sector pension reforms expected to make £65 billion savings over the next 50 years.

Mark Serwotka, general secretary of the Public and Commercial Services union, argues that unions will do all they can to oppose the bill: "We intend to fight this bill politically but we also believe that co-ordinated industrial action is still necessary on pensions as well as pay, and this should be held as soon as possible after the TUC demonstrations on October 20."

Under the measures outlined in the bill, public sector workers will move from “unfair" final salary schemes to career average pension schemes, linking the pension age to the state pension age. Although the reforms exclude the Armed Forces, police officers and firefighters, changes to military service pensions have  been announced by the Ministry of Defence (MoD) while the Police Federation are also awaiting a decision on a career average pension scheme from the Home Secretary.

Chief Secretary to the Treasury, Danny Alexander, said: "This Bill is the final stage in delivering sustainable public service pensions. It will cut the cost to taxpayers by nearly half, whilst ensuring that public sector workers, rightly, continue to receive pensions amongst the very best available. This is a good deal for taxpayers and a good deal for public service workers: a settlement for a generation."

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