Treasury cannot show value of public sector pension cuts

In 2007-08, the government increased contributions of teachers and civil servants to pension schemes as well as raising the pension age of new staff from 60 to 65 years. The NAO says whilst these changes has saved money, the Treasury and public sector employers do not know what value for money this saving represents. This is because the Treasury did not agree the long term role of pensions in recruitment and retention of staff, and it has no financial objective against which to monitor the impact of the changes. The Treasury has also not managed the risk of overall costs to taxpaye...