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Pensions Minister suggests public sector pensions will need to change

In an interview with the Sunday Times on 12 June 2022, the Pensions Minister, Guy Opperman, stated that public sector pensions:

“Should be reformed, and a government in the future has to address that. It is not sustainable for this state, or any state, on a long term basis. It is a practical reality. I don’t believe that it is the case that in 10 to 20 years time we’re all going to be in defined benefits schemes. … We are going to move to a different type of pension scheme and the public sector is the last bit”.

How times have changed.  In November 2011, the then Chief Secretary to the Treasury, Danny Alexander, said about the proposed reforms which ultimately resulted in the 2015 pension changes, that:

“It is the chance of a lifetime to secure good, high quality, and fair public service pensions….A sustainable deal, that will endure for at least 25 years.”

We have already set out our start position for any future review into public sector pensions  captured in the model shown here which identifies the foundation, pillars and purpose of the Armed Forces Pension Scheme – supporting career structures and sustaining operationally effective Armed Forces.

If we are asked for our perspective, you know our starting position.

Image: Chris McAndrew, CC BY 3.0, via Wikimedia Commons

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