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Pension changes

Q: When are the proposed changes to our pensions going to take place? I am looking at retiring in the next few years and would like to make plans.

A: The independent Public Sector Pensions Commission’s inquiry into public sector pension schemes will make recommendations on ‘how public service pensions can be made sustainable and affordable in the long term, fair to both the public service workforce and the tax payer’.
 
No specific date for the implementation of any changes has been announced, however, the commission is due to produce an interim report in September 2010 and a final report in time for the March 2011 Budget.
 
HM Treasury has announced that existing accrued pension rights will be protected.

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