Magazine article Public Finance

Scots Council Workers Accept Pension Scheme

Magazine article Public Finance

Scots Council Workers Accept Pension Scheme

Article excerpt

Thousands of local government workers have accepted a new pension scheme drawn up by the Scottish government.

Members of Unison, which represents 150,000 council employees in Scotland, voted in favour of the new Local Government Pension Scheme, which retains the normal retirement age of 65 and includes a final salary structure.

The scheme was developed by the former administration at Holyrood, following a row over the abolition of the 'rule of 85'. This allowed members over the age of 60, whose age and service added up to 85 years, to retire early with unreduced benefits.

The rule was removed to comply with a European Union directive. In Scotland a deal was negotiated involving a commitment to reinvest the savings into the new scheme.

The turnout for the Unison ballot was just 25%, but members voted by 25 to one to accept the new arrangements, which will come into force in April 2009. …

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