Magazine article Public Finance

Mass Opt-Out Fears over Pension Rise

Magazine article Public Finance

Mass Opt-Out Fears over Pension Rise

Article excerpt

Concern that there will be a mass opt-out from the Local Government Pension Scheme has been reignited after the chancellor said in his Budget that he would go ahead with increasing public sector employee contributions by an average of 3%.

Baroness Margaret Eaton, chair of the Local Government Association, said George Osborne failed to recognise that the LGPS was funded, unlike other schemes in the public sector, and currently in surplus.

She warned that the increase would hit workers hard. 'It is likely that the LGPS opt-out rate will rise as a result. We would seriously counsel against pushing ahead with plans which might undermine the future viability of a highly effective scheme which helps its 4.3 million members save towards a reasonable retirement and reduces reliance on state means-tested benefits. …

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