We need your support to keep TheyWorkForYou running and make sure people across the UK can continue to hold their elected representatives to account.

Donate to our crowdfunder

Public Sector: Pensions

Treasury written question – answered on 12th December 2011.

Alert me about debates like this

Photo of David Davies David Davies Chair, Welsh Affairs Committee

To ask the Chancellor of the Exchequer what estimate he has made of the total annual increase in public sector pension payment expenditure arising from the proposed (a) guarantee to protect full existing pension rights for those within 10 years of pension age and (b) change in the accrual rate for public sector schemes.

Photo of Danny Alexander Danny Alexander The Chief Secretary to the Treasury

On 2 November 2011, I announced an enhanced offer on public service pensions. This included:

setting an objective that public service workers who, as of 1 April 2012, have 10 years or less to their pension age see no change in when they can retire, nor any decrease in the amount of pension they receive at their current normal pension age. Schemes have been asked to determine the fairest way of reaching this objective, while ensuring that costs to the taxpayer in each and every year do not exceed the Office for Budget Responsibility forecasts of public service pension costs; and an increase in the accrual rate in the Government’s preferred scheme design for public service pension reform, from 1/65ths to 1/60ths. This is an 8% cost increase.

Does this answer the above question?

Yes0 people think so

No1 person thinks not

Would you like to ask a question like this yourself? Use our Freedom of Information site.