UK pensions speedbrief: fair deal — out with the old, in with the new
HM Treasury has just issued the new Fair Deal guidance. The new Fair Deal, which is non-statutory policy, sets out the principles that will ensure that staff compulsorily transferred out of the public sector will continue to have access to their existing public service pension schemes.
The new guidance is intended to achieve better value for money for the taxpayer by reducing the costs and risks to employers associated with the provision of broadly comparable pension schemes, thereby opening up public services to greater competition.
The new guidance has immediate effect and applies directly to central government departments, agencies and the NHS as before. Surprisingly, the new guidance also applies to maintained schools (except where they are covered by other arrangements applicable to local government), academies and any other parts of the public sector under the control of government ministers where staff are eligible to be members of a public service scheme…
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