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Public service pensions
In this paper the Government sets out its preferred scheme design for public service pensions. It is built on the foundations laid by Lord Hutton in his report (Independent Public Service Pensions Commission: final report, 2011, ISBN 9780108510410). The cost of public service pensions paid out has risen by over a third over the last ten years to £32 billion a year. Reforms to date have been insufficient to reverse the increase in costs of public service schemes from rising longevity. The Government's offer is: benefits already earned are protected; for those in final salary schemes, those past benefits will be linked to their final salary when they leave the scheme or retire; public service...
Independent Public Service Pensions Commission
Produced by the Independent Public Services Pensions Commission, this interim report, under the chairmanship of Lord Hutton, looks at the future of public service pensions. The report asks are public service pensions on a fair and sustainable footing and offering the best possible value for money to the taxpayer? Also, do they provide an adequate retirement income for public service employees, which includes people employed in the civil service and local government? The report argues that the present situation is not tenable and that a more prudent approach is needed to meet the cost of public service pensions. One proposal is that there should be an increase in pension contributions for public service employees. A final report, to be produced in 2011, will look at a wider range of radical solutions that might represent a better balance between the need for fairness between taxpayers and scheme members and also allowing for the increase in life expectancy. The report is divided into nine chapters, with nine annexes.
Pensions
This pack sets out the first report by the Pensions Commission, an independent body established by the Government (following the publication of the Pensions Green Paper ("Simplicity, security and choice: working and saving for retirement", Cm 5677, ISBN 0101567723) in December 2002) in order to review the adequacy of current arrangements for private pensions and retirement savings in the UK and to make recommendations on appropriate policy changes. This report sets out the Commissions detailed analysis of the current situation and trends in place, challenges identified and options for policy responses; and seeks to stimulate a structured, comprehensive fact-based debate about the problems fa...
HM Treasury: Freedom and Choice in Pensions - Cm. 8835
This consultation form a key part of a wider set of reforms announced at Budget 2014. The government is keen to ensure that individuals who want to save are supported in doing so. The nature of retirement is changing as people are living longer and their needs more varied. In this Government's view the State should not be imposing restrictions on individuals who have made tough choices to save for the future. So from next year there will be no restrictions on people's ability to draw down from their defined contribution pension pots after age 55. The tax rules will be drastically simplified to give flexible access to pension savings. Consumers will therefore also need to be well informed to make their choices and the Government will introduce a new duty on pension providers and schemes to deliver a 'guidance guarantee' by April 2015. They will also make available a £20 million development fund to get the initiative up and running
The Green Book
This new edition incorporates revised guidance from H.M Treasury which is designed to promote efficient policy development and resource allocation across government through the use of a thorough, long-term and analytically robust approach to the appraisal and evaluation of public service projects before significant funds are committed. It is the first edition to have been aided by a consultation process in order to ensure the guidance is clearer and more closely tailored to suit the needs of users.
The cost of public service pensions
There has been much public discussion about the affordability of public service pensions. This National Audit Office report aims to bring greater transparency to, and understanding of, the cash costs involved. Total payments to more than 2 million pensioners in the UK's four largest pay-as-you-go pension schemes (also known as unfunded schemes - where current employee and employer contributions are used to pay current pensions) were £19.3 billion in 2008-09, a real terms increase of 38 per cent since 1999-2000. This is driven by more employees retiring each year, which is a substantially more significant factor than longer lifespans. Employee contributions of £4.4 billion reduced the taxpa...
The Government response to the Independent Commission on Banking
In its final report the Independent Commission on Banking (ICB) recommended a package of measures, consisting of ring-fencing vital banking services and increasing banks' loss-absorbency. The Government strongly supports the ICB's objectives and dual approach. The Government agrees that vital banking services - in particular, the taking of retail deposits - should only be provided by 'ring-fenced' banks', and that these banks should be prohibited from undertaking certain investment banking activities. On increased loss-absorbency, also supported are the ICB recommendations for higher equity requirements for large ring-fenced banks, a minimum leverage ratio, loss-absorbing debt, insured depos...
Managing Public Money
Dated October 2007. The publication is effective from October 2007, when it replaces "Government accounting". Annexes to this document may be viewed at www.hm-treasury.gov.uk
Independent Public Service Pensions Commission
Lord Hutton of Furness has published his final report on public service pension provision in which he set out his recommendations to the Government on pension arrangements that are sustainable and affordable in the long term, fair to both the public service workforce and the taxpayer and consistent with the fiscal challenges ahead, while protecting accrued rights. The interim report found that the current public service pensions structure has been unable to respond flexibly to workforce and demographic changes which has led to: rising value of benefits due to increasing longevity; unequal treatment of members within the same profession; unfair sharing of costs between the employee, the emplo...
