November update – Proposed reforms to Civil Service pensions
Key elements of these proposals include:
- a more generous ‘accrual rate’. This is the rate at which pension entitlement is built up. This has been increased from the 1/65ths offered in October to 1/60ths. This represents an eight per cent increase in generosity on the previous proposal.
- New transitional protection. The Government’s objective is that anyone within ten years of their pension age on 1 April 2012 will be protected i.e. they will see no change in when they can retire nor any decrease in the pension they receive at their normal pension age.
You can find further information on these proposals on the Treasury website.
To see previous announcements on these reforms please view the leaflet below.
- Pension reforms leaflet [2 pages, 139KB PDF]
Civil Service Pensions contribution increases consultation now closed
Find out more about the consultation by using the links below:
- Contribution increase consultation
- Contribution increase consultation background
- Contribution increase Q&A
- Contribution increase calculator
Reform of the Civil Service Compensation Scheme
The new Civil Service Compensation Scheme (CSCS) comes into effect today. The CSCS sets out the terms for voluntary and compulsory redundancy.