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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...
Making automatic enrolment work
Current policy is that new duties will be staged in between 2012 and 2016, requiring all employers to designate a pension scheme into which all of their employees, aged between 22 and state pension age, should be automatically enrolled, so long as they are earning above an annual earnings threshold (the Pensions Act 2008 sets this at £5,035, equivalent to £5,732 in today's terms). Upon automatic enrolment, a minimum of eight per cent of earnings within a band would be contributed to the pension, with at least three per cent coming from the employer. This policy is designed to maximise private pension saving by individuals without imposing compulsion. The right to opt out will remain. This ...
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...
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...
The Challenge of Public Pension Reform in Advanced and Emerging Economies
Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population ages. In emerging market economies, the challenges are often different. Where pension coverage is extensive, the issues are similar to those in advanced economies. Where pension coverage is low, the key challenge will be to expand coverage in a fiscally sustainable manner. This volume examines the outlook for public pension spending over the coming decades and the options for reform in 52 advanced and emerging market economies.
