Reforms cut public sector pensions by a third

The Pension Policy Institute (PPI) said members of the NHS, teachers', civil service and local government schemes would be affected but even after the reforms public sector pensions would be worth more than funds in the private sector. The proposed reforms will see normal retirement ages within public sector schemes linked to the state pension age, and a move to career average rather than final salary structures. The PPI said the reforms would reduce the average value of benefits from 23% of salaries to 15%. However, the research body said this still compares favourably to the average...