Pension Reforms to Affect Public Sector
Public sector workers will have to work longer and pay more into their pension funds if they want to continue to receive better pensions than those in the private sector, the chief secretary to the Treasury, Danny Alexander has said.
Around 6 million workers will be affected by the changes that will see the pension age for public servants rise to the match the state pension age of 66.
Final salary schemes will be scrapped and replaced with benefits based on career averages. Pension contributions will rise, taking more pay out of civil servants salary.
Alexander said: “People in this country are living longer- we’re seeing longevity increase by 10 years since the 1970’s, and that’s predicted to go further in the future.”
“That’s why we’re increasing the state pension age. It will go up to 66 from 2020, and that’s why we’re recommending there is an increase in pension contributions.”
Workers earning less than £15,000 will not have to increase their pension contributions, whilst higher earning staff such as doctors and teachers may see a doubling of their contributions from next April.
His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.
Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.
Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.
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Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that enabled him to help so many clients over the years.
His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.
Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.
Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.
