Pensions: Public Sector

House of Lords written question – answered at on 23 May 2007.

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Photo of Lord Oakeshott of Seagrove Bay Lord Oakeshott of Seagrove Bay Spokesperson in the Lords, Treasury, Spokesperson in the Lords, Work & Pensions

asked Her Majesty's Government:

What would be the current estimated total saving if the normal retirement age of (a) policemen and (b) firemen were raised now by one year with no change in payments from payers of national or local taxes.

Photo of Baroness Scotland of Asthal Baroness Scotland of Asthal Minister of State, Home Office, Minister of State (Home Office) (Crime Reduction)

It is not possible to provide a reliable estimate of the savings from changing the retirement age by one year. Extending pension ages has an impact on pension costs, which will vary with options chosen by retiring officers, and in some cases can rise as a result of later retirement. Extension would also affect pay costs and operational effectiveness.

The effective employers' costs are expected to fall from the old to the new rates, as officers retire from the old schemes, and are replaced by officers joining the new schemes.

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