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Public sector pensions

Q: Will the changes likely to result from the Public Sector Pensions Commission's (PSPC) inquiry mean those of us who not so long ago took out NHS Pension Scheme added years contracts will have to pay through the nose for decades to get nothing back?

A: As it stands, added years will continue to run until the chosen contract age and members will receive the benefits they originally contracted to buy.

The independent PSPC's inquiry into public sector pensions 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 taxpayer'.

The PSPC is due to produce an interim report this month and a final report before the 2011 Budget. Depending on any changes, NHS Pension scheme members may need to review their future pension funding position.

HM Treasury has, however, said existing accrued pension rights will be protected.

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