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McAllister investigates: Public sector pension schemes - Reform or revolt?
- Article from:
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Pensions Week
- Article date:
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October 3, 2005
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Copyright informationCOPYRIGHT 2005 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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It is an inescapable fact; public sector pension schemes are in desperate need of reform. Employers know it, the government knows it, actuaries, the industry, the wider public, we all cannot escape the blindingly obvious. Yet the unions will not accept the need for change. They will fight it tooth and nail, and it is an inescapable fact that deciding the fate of public sector pensions is going to whip up a tornado. And the storm has only just started.
Two factors are at play: the population is living longer and public sector pensions are rare gems. One does not favour the other. The cost of providing pensions is on the up, yet while the private sector suffers the closing ...
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