Public Sector Pensions

Treasury written question – answered on 31st October 2006.

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Photo of David Laws David Laws Shadow Secretary of State for Work and Pensions

To ask the Chancellor of the Exchequer what annual savings in Government spending are anticipated in each year from 2006-07 to 2050-51 as a result of the recent reforms to public sector pensions; and if he will make a statement.

Photo of Stephen Timms Stephen Timms The Chief Secretary to the Treasury

The agreement at the Public Services Forum on 18 October 2005 concerned the principles for reforming civil service, NHS and teachers pensions. There is no breakdown of the savings year-by-year that would result from that PSF agreement, but the overall savings were estimated to have a net present value of around £13 billion over the next 50 years. The reforms have still to be finalised but, on the basis of the proposals that have been made, savings at least as great as those assumed at the time of the PSF agreement should be achieved. Separately, pension arrangements for the armed forces, police and firefighters have been reformed, and there is currently consultation on reforms to the Local Government Pension Scheme.

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