Public sector pensions will cost taxpayers an additional £9bn a year due to a ‘toxic' combination of the Public Service Pensions Bill and state pension reform, a Centre for Policy Studies paper shows.
The report, A Toxic Tangle, explained the additional cost comes from a £3bn loss from public sector employers' National Insurance contributions, due to the end of contracting out, and £4bn from public...
The top stories this week were the High Court's decision to block the £12bn annuity transfer from Prudential to Rothesay Life, and a separate court ruling that 'raises the bar' for pension rectification exercises.
Guaranteed minimum pension (GMP) equalisation has soared to the top of pension schemes' to-do lists, with 58% stating it is a priority project, research from Equiniti has revealed.
Professional Pensions is holding its defined contribution (DC) conference on 4 September.