The Public Service Pensions Bill 2013 is published today. According to the treasury it will reduce the cost of public service pensions by half and is predicted to save £65 billion over the next fifty years.
The bill is following the recommendations set out in the Independent Public Service Pensions Commission report, published in March 2011,which recommended later retirement ages and abandoning final salary schemes.
Chief Secretary to the Treasury, Danny Alexander, said: ‘This Bill is the final stage in delivering sustainable public service pensions. It will cut the cost to taxpayers by nearly half, while ensuring that public sector workers, rightly, continue to receive pensions amongst the very best available.’