revised public sector pensions deal is generous but at what costThursday 3 November 2011
Revised public sector pensions deal is extremely generous, but at what cost.
In response to the news that despite the Government offering a revised public sector pensions deal unions are still going to strike, Ros Altmann, Director General of Saga comments:
"Just two days after Parliament decided that taxpayers could not afford to give more than around five years notice of state pension age changes - the Government announces that tax payers will be able to pay to ensure public sector workers get at least 10 years notice of any change to their pensions! The private sector workers who have been given such short notice of losing their entire state pension are understandably outraged.
"The revised offer remains extremely generous and is far in excess of what most in the private sector could ever hope to achieve. We certainly hope that public sector strike action will now not proceed.
"Interestingly, the Government has not told us the cost of these measures - taxpayers have a right to know!"
This is what Chief Secretary to the Treasury, Danny Alexander, said when announcing the public sector pensions deal yesterday in relation to the transitional arrangements for both public sector workers and those approaching state pension age, and it simply does not square with the pensions bill which passed through parliament this week:
Danny Alexander: "The transitional protection is a very important part of this new offer. It is right that people who are within 10 years of retirement should have certainty about their planning for retirement. That principle has been observed on both sides in respect of the state pension age. I estimate that the transitional provision will protect more than 1 million public sector workers from any impact at all as a result of the changes."
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