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To ask the Chancellor of the Exchequer, whether she intends to cap public service pension costs under section 12 of the Public Service Pensions Act 2013.
To ask the Chancellor of the Exchequer, whether she intends to cap public service pension costs under section 12 of the Public Service Pensions Act 2013.
Section 12 of the Public Service Pensions Act 2013 (the Act) requires an employer cost cap to be set in each of the public service pension schemes.
The Act requires that Treasury regulations must provide for the costs of a scheme to remain within specified margins either side of the employer cost cap of the scheme. The Regulations (SI 2014 No. 575) provide the margins are 3% of pay and that steps must be taken to return the cost of a scheme to the employer cost cap if the cost of the scheme would otherwise go beyond these margins.
Treasury Directions made under the Act specify when the employer cost cap is to be assessed (The_Public_Service_Pensions__Valuations_and_Employer_Cost_Cap__Directions_2023_-_Final.pdf ). Valuations of the employer cost cap as at 31 March 2016 and at 31 March 2020 have been undertaken by each of the schemes, for example see page 9 of the Civil Service Pension Scheme Actuarial Valuation as at 31 March 2020 - Valuation Results. Valuations of the employer cost cap as at 31 March 2024 are currently underway and are expected to be published next year.
The McCloud pension remedy was brought in after a judgment found that the government discriminated against younger members of public service pension schemes.
The McCloud pension remedy was brought in after a judgment found that the government discriminated against younger members of public service pension schemes.
Looks at the mechanism introduced under the Public Service Pensions Act 2013 to control unexpected changes in the cost of public service pension and how the Government proposes to use it to manage meeting the costs of the McCloud remedy
Looks at the mechanism introduced under the Public Service Pensions Act 2013 to control unexpected changes in the cost of public service pension and how the Government proposes to use it to manage meeting the costs of the McCloud remedy
Looks at the pension age in the reformed public service schemes introduced in 2015, and concerns raised about the impact on certain occupational groups, such as prison officers and ambulance staff
Looks at the pension age in the reformed public service schemes introduced in 2015, and concerns raised about the impact on certain occupational groups, such as prison officers and ambulance staff
This notes looks at the reforms to public service pensions introduced in 2015 under the Public Service Pensions Act 2013
This notes looks at the reforms to public service pensions introduced in 2015 under the Public Service Pensions Act 2013
My right honourable friend the Chief Secretary to the Treasury (Steve Barclay) has today made the following Written Ministerial Statement.
The Government has today published two consultations relating to public service pensions. These consultations seek views on two important aspects of the framework governing public service pension schemes: proposed reforms to...
My right honourable friend the Chief Secretary to the Treasury (Steve Barclay) has today made the following Written Ministerial Statement.
The Government has today published two consultations relating to public service pensions. These consultations seek views on two important aspects of the framework governing public service pension schemes: proposed reforms to...
The Government has today published two consultations relating to public service pensions. These consultations seek views on two important aspects of the framework governing public service pension schemes: proposed reforms to the cost control mechanism and the methodology used to set the discount rate used at valuations of unfunded public...
The Government has today published two consultations relating to public service pensions. These consultations seek views on two important aspects of the framework governing public service pension schemes: proposed reforms to the cost control mechanism and the methodology used to set the discount rate used at valuations of unfunded public...
The Government has today published the Government Actuary’s final report on his review of the cost control mechanism.
The Government is committed to providing public service pensions that are fair for public sector workers and for taxpayers. The cost control mechanism was introduced into the valuation process for public service pension...
The Government has today published the Government Actuary’s final report on his review of the cost control mechanism.
The Government is committed to providing public service pensions that are fair for public sector workers and for taxpayers. The cost control mechanism was introduced into the valuation process for public service pension...
My right honourable friend the Chief Secretary to the Treasury (Steve Barclay) has today made the following Written Ministerial Statement.
The Government has today published the Government Actuary’s final report on his review of the cost control mechanism.
The Government is committed to providing public service pensions that are fair for public...
My right honourable friend the Chief Secretary to the Treasury (Steve Barclay) has today made the following Written Ministerial Statement.
The Government has today published the Government Actuary’s final report on his review of the cost control mechanism.
The Government is committed to providing public service pensions that are fair for public...
Facts, figures and sources information on public service pensions
Facts, figures and sources information on public service pensions