September 2012: Pensions update

An overview of issues facing the pensions sector, covering public sector pension reforms and data protection issues.

The Public Services Pensions Bill has been published. It is a framework bill which allows for the creation of new pension schemes to replace existing final salary schemes for public servants. These new schemes may be defined contribution (DC) or defined benefit (DB) but a DB scheme must not be final salary. This means, in line with announcements, that non-DC schemes are likely to be some form of career average scheme.

Within the new schemes, normal pension age must be linked to state pension age, except for the armed forces, police officers and firefighters (where normal pension age will be age 60, subject to regular reviews)…

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