yU28i94H
type: Answer
type: WrittenAnswer
answer has question: q34z9vXT
answer has answering person: GrGkIxzE
answer text: Lynne Jones: To ask the Chancellor of the Exchequer what his estimate is of further savings that will be made if the rules of publicservice pension schemes are changed so that new members receive an unreduced pension from age 65. [91084]Ruth Kelly: As noted in Cm 5677, "Simplicity, security and choice: Working and saving for retirement", the Government envisages thatthe higher pension age might be introduced in most schemes as part of a package of changes to pension arrangements. This would allowfor improvements to benefits which employers and staff value and have a positive impact on staff recruitment and retention,including greater flexibility in the transition from work to retirement, and help the financial sustainability of public servicepension schemes. Also, while it is envisaged that the new pension packages will be introduced for new employees, the Government willalso be consulting on how and to what timescale the higher pension age and any associated enhancement to benefits could be extendedto existing employees while protecting rights already accrued. Against that background there are too many uncertainties to giveestimates of any likely net costs or savings and these will only become available as proposals are worked up for individual publicservices after full consultation with staff representatives. The effects of increasing pension ages would also vary considerablyfrom scheme to scheme and build up gradually over time.
answer given date: 2003-01-23+00:00
answer has answering body: HYfypSOE
written answer has answering body: HYfypSOE