Budget 2011: Govt won't 'cherry-pick' on public sector pension reform

Speaking in his annual Budget statement today, Osborne said the government accepted Hutton's recommendations as a basis for further consultation with unions over the plans. Lord Hutton recommended final salary schemes should be phased out in favour of cheaper career average arrangements by 2015. The final report from the Independent Public Service Pensions Commission said existing members should be moved to the new scheme set-up for all future accruals but past pension promises would be kept. He explained the final salary link should be retained when calculating the value of accrue...