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Submitted by martin on Tue, 20/12/2011 - 13:18

Click here for the Government's official announcement.


  • "In all cases the... cost ceilings set on 2 November 2011 remain unchanged and no additional money has been made available". The basic picture of taking more out of public sector workers' wages and paying worse pensions later is unchanged. All the modifications are a matter of shifting losses around between different section of public sector workers.
  • "The accrual rates... has been improved. This has been offset by lower revaluation of accruals prior to retirement linked to prices rather than earnings... This has meant no extra cost to the taxpayer". In other words, your accrual rate (the % of career average that you earn for each year's contributions) has improved, but that is fully offset by the fact that the method of calculating your career average has worsened.

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