The vast bulk of employees in the private sector will retire on much lesser terms than their public sector equivalents. Pensions for people who joined the public service before 2013 and completed full service generally amount to 50 per cent of salary and a lump sum of one and a half times' their salary. It is that if the rules were changed in relation to the pension arrangements applying to those who joined the public sector before 2013 – so that their future pension increases were based on inflation, rather than to the increases applying to the job they retired from – then, on reasonable assumptions, the total State liability for all public sector pensions would drop by 20 per cent. It is part of a story of the generous pensions enjoyed by this group – both those already retired and the 200,000 still at work. They are, on average, significantly better than pensions available to the generally younger post-2013 entrants and also to the vast bulk of employees in the private sector.
The vast bulk of employees in the private sector will retire on much lesser terms than their public sector equivalents. Pensions for people who joined the public service before 2013 and completed full service generally amount to 50 per cent of salary and a lump sum of one and a half times' their salary.
It is that if the rules were changed in relation to the pension arrangements applying to those who joined the public sector before 2013 – so that their future pension increases were based on inflation, rather than to the increases applying to the job they retired from – then, on reasonable assumptions, the total State liability for all public sector pensions would drop by 20 per cent. It is part of a story of the generous pensions enjoyed by this group – both those already retired and the 200,000 still at work. They are, on average, significantly better than pensions available to the generally younger post-2013 entrants and also to the vast bulk of employees in the private sector
Pensions Public Sector Private Sector Retirement Disparity
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