Hutton Report: Final salary public sector pensions to end by 2015

The Independent Public Serice Pension Commission Report, published today, says public sector workers will be protected by the career average model, which it proposes can be rolled out by the end of this Parliament. The report also proposes the government setting a cap on the proportion of pensionable pay it will contribute to employee pensions. Exceeding the cap should trigger a consultation process. Current workers within public sector pensions will keep the final salary link on their past earnings. Lord Hutton (pictured) says: "It is wrong to say public service pensions are gold-...