Public Service Pensions Bill [Bill 70 of 2012/13] - Commons Library Research Paper

Published 16 October 2012 | Research papers RP12/57

Amended 05 March 2014

Authors: Djuna Thurley, Richard Cracknell, Roderick McInnes, Tom Rutherford

Topic: Pensions

In line with the recommendations of the Independent Public Service Pensions Commission, the new schemes would provide pension benefits based on career average rather than final salary and individuals would have a normal pension age linked to their State Pension age (except for the schemes for the firefighters, police and armed forces, which would have a normal pension age of 60). Except where transitional protection has been agreed for those closest to retirement, the existing schemes would close for future accrual by April 2015 (2014 for the local government schemes in England, Wales and Northern Ireland). The Bill is scheduled to have its Second Reading in the House of Commons on Monday 29 October 2012.

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