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Public Sector Pension Report

The Indepedent Public Service Pensions Commision (“Hutton”) Report is out:

Looking for the positives, (John) Hutton has carried over his interim conclusions that public sector pensions are NOT “Gold Plated”, and rejected a tit-for-tat “race to the bottom”. In the final document, it looks like this:-
The Commission firmly rejected the claim that current public service pensions are ‘gold plated.’ The average pension paid to pensioner members is around £7,800 per year, while the median payment is around £5,600. It also rejected the idea of a ‘race to the bottom,’ emphasising instead that public service pensions should ensure adequate retirement incomes for those who have devoted their careers in the service of the wider community.
The preamble also includes a copy of the initial findings of (Will) Hutton’s Fair Pay review.

However, it’s not all good news. Some early press reports, including “soundbite” feedback from the GSs of TUC, PCS, FBU. If you’re short of time, the BBC articles give a good “scene setting” overview, while the Independent and FT provide two reasonably balanced assessment pieces. The FT article ends on a surprisingly labour-friendly note(!)

Public sector pensions report explained (BBC)

Pensions anger from unions following Hutton review (BBC)

Public Sector Pension Plan Spark Strike Threats (Independent, PA syndicated)

Hutton reveals his pension plan – and is blasted by unions (Guardian, GMG)

High-wire act fails to balance public and private (FT)

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