Tomorrow, thousands of public sector workers will strike over proposed reforms to their pensions. But just how do they compare to private sector provision?
Hargreaves Lansdown's Tom McPhail explained though public sector workers are understandably upset they will have to pay more into their pensions, retire later and receive less, payouts still compare favourably to private sector provision. McPhail's figures, shown in the tables below, demonstrate the difference between the public sector pension schemes and average private pension benefits: Current pension contribution rates (Source: Hutton Review and ONS) Pension Member contribution Employer Contribution Total Contribution Normal Retirement age Civil Service 1.5% 18...
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