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Author: Independent Public Service Pensions Commission
Publisher:
ISBN: 9780108510410
Category : Great Britain
Languages : en
Pages : 209
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Book Description
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 employer and taxpayers and barriers to increasing the range of providers of public services. Lord Hutton has set out 27 recommendations, including: that an employee's pension entitlement should be linked to their career average earnings; that existing members be moved to the new scheme but accrued rights be protected for pensions built up to date, maintaining the final salary link to past service; that the Government should increase the normal member's pension age in the new schemes so they are in line with state pension ages; that uniformed services should have normal pension ages of 60; that members contributions be tiered according to their earnings with lower contribution rates for people on lower incomes.
Author: Great Britain. Independent Commission on Public Service Pensions
Publisher:
ISBN: 9781845328559
Category : Great Britain
Languages : en
Pages : 210
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Book Description
Author: Independent Public Service Pensions Commission
Publisher:
ISBN: 9780108510410
Category : Great Britain
Languages : en
Pages : 209
Get Book Here
Book Description
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 employer and taxpayers and barriers to increasing the range of providers of public services. Lord Hutton has set out 27 recommendations, including: that an employee's pension entitlement should be linked to their career average earnings; that existing members be moved to the new scheme but accrued rights be protected for pensions built up to date, maintaining the final salary link to past service; that the Government should increase the normal member's pension age in the new schemes so they are in line with state pension ages; that uniformed services should have normal pension ages of 60; that members contributions be tiered according to their earnings with lower contribution rates for people on lower incomes.
Author: Malcolm McIntosh
Publisher: Stationery Office/Tso
ISBN: 9780108509414
Category : Political Science
Languages : en
Pages : 176
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Book Description
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.
Author: Great Britain. Independent Public Services Pensions Commission
Publisher:
ISBN: 9781845327774
Category : Great Britain
Languages : en
Pages : 170
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Book Description
Author: Great BritainH.M. Treasury
Publisher: The Stationery Office
ISBN: 9780101821421
Category : Political Science
Languages : en
Pages : 36
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Book Description
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 workers with ten years or less to their current pension age, will see no change in when they can retire; Government will continue to pay more overall toward pension benefits than the workforce. The scheme design will ensure: guaranteed, index-linked pension benefits on retirement; an accrual rate of 1/60ths and earnings indexation for benefits while still working in the public service; fairer distribution of benefits across the workforce; and, that most low and middle earners working a full career will receive pension benefits at least as good as they get now. But in return, the Government is asking public service workers to pay more towards their pensions and work a bit longer. The Government's offer is conditional on the trades unions and the Government reaching agreement on the reforms.
Author: Trades Union Congress
Publisher:
ISBN:
Category : Pensions
Languages : en
Pages : 41
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Book Description
Author: The Chartered Society of Physiotherapy
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
On 10 March 2011, Lord Hutton produced the final report of the Independent Public Service Pension Commission (IPSPC). The 210 page report makes 27 recommendations for the Government to consider.
Author: Review Body on Doctors' and Dentists' Remuneration
Publisher: The Stationery Office
ISBN: 9780101851824
Category : Medical
Languages : en
Pages : 202
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Book Description
The Review Body on Doctors' and Dentists' Remuneration is an independent body that makes recommendations to the Prime Minister, the Secretary of State for Health, and the appropriate Ministers and departments in Scotland, Wales and Northern Ireland in respect of pay. The Review takes in account the following considerations: (i) The need to recruit, retain and motivate doctors and dentists; (ii) Regional/local variations in labour markets; (iii) The funds available to the Health Departments; (iv) The overall strategy of the NHS in respect of patient care. The consultant body is comprised of the most senior medical and dental staff in the NHS, who have expert knowledge in their specialities. The Review Body concludes that the overall compensation for consultants is appropriate, but has some reservations about existing schemes and believes that awards should not be a substitute for pay progression. The Review Body outlines a proposed integrated package and career structure for consultants.
Author: Bill Tufts
Publisher: John Wiley & Sons
ISBN: 1118098730
Category : Business & Economics
Languages : en
Pages : 231
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Book Description
The vast majority of Canadians are blissfully unaware that every man, woman and child in Canada now owes a $35,000 share of government debt and must pay this back, with interest! Make no mistake, this debt will change our country and affect every single Canadian in the decades to come. You may think you have planned for your retirement and are safe, but the government must find a way to recover this borrowed money, and they can only do that by raising your taxes and reducing your hard-earned benefits. How did this debt come about, and why can't we simply pay it off? Pension Ponzi lays the blame squarely at the feet of the politicians who refused to stand up to Canada's public sector unions. The fact is Canada's public sector, which accounts for 20% of the workforce, has been grossly overpaid relative to their counterparts in the private sector with cushy pensions paid for with your taxes and new debt. There is no denying that the country does not have the financial resources to ensure that the next generation of Canadians will have the same standard of living as the ones before it-or to support our growing seniors population. Meeting our public sector pension obligations will break the current social safety net that is a pillar of the Canadian way. Can you escape this bleak future? Can you afford to live longer? Nationally-recognized pension expert Bill Tufts and award-winning journalist Lee Fairbanks explore how this catastrophe came about and then suggest ways that government can fix what's broken, and how you as an individual can protect yourself from the financial calamity that is about to engulf Canada.
Author: Great Britain: National Audit Office
Publisher: The Stationery Office
ISBN: 9780102965582
Category : Business & Economics
Languages : en
Pages : 48
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Book Description
Changes made in 2007-08 to the pension schemes of civil servants, NHS staff and teachers are on course to deliver significant savings and stabilise pension costs around their current levels as a proportion of GDP. Yet the value for money of the changes cannot be demonstrated, because the Treasury and employers did not agree the long term role of pensions in recruitment and retention of staff and the Treasury no longer has a financial objective against which to monitor the impact of the changes.And there is a risk that overall costs to taxpayers will be greater as a proportion of GDP, if growth in GDP is permanently less than expected. The 2007-08 changes affected schemes that account for nearly three-quarters of UK public service pay-as-you-go pension payments. There were immediate increases in employee contributions for NHS staff and teachers, following earlier increases for civil servants. The normal pension age was raised for new staff, from 60 years to 65 years in most cases. In addition, a new cost-sharing and capping measure was introduced to transfer, from employer to employees, the risk of extra costs from changes in factors such as pensioners living longer than previously expected. The NAO estimates that these changes will reduce costs to taxpayers in 2059-60 by 14 per cent compared to forecasts made without the changes. Aggregate savings over all years in the period to 2059-60 are equivalent to £67 billion in 2008-09 prices.
