Public sector pensions: Advising clients after massive change

Many workers moved to career average accrual this year

clock

Moira Warner explores the wide-ranging changes to public sector pension benefits and highlights key areas advisers should be on top of

As the climax to a structural overhaul of public service pension provision, existing final salary schemes were closed by 31 March 2015 and all members, barring those closest to retirement, moved to career average accrual from 1 April 2015. With around 20% of the working population in the public sector, what impact do the changes have on their retirement planning? To date, much of the attention has been focused on the expected government cost savings rather than the potential benefits or challenges for members and their advisers. This has perhaps given rise to a perception that memb...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

First three firms complete pensions dashboards ecosystem connection

First three firms complete pensions dashboards ecosystem connection

Heywood, L&G and Pension Fusion have completed final stages required to connect

Holly Roach
clock 05 March 2025 • 3 min read
Post-Budget IHT planning: Gifting options in light of pension changes

Post-Budget IHT planning: Gifting options in light of pension changes

Withdrawals need to be spent, sheltered or gifted

Andrew Tully
clock 03 March 2025 • 4 min read
Pension transfers: Transparency vital in push to raise standards

Pension transfers: Transparency vital in push to raise standards

A glass half full for pension transfers?

Anthony Rafferty
clock 28 February 2025 • 3 min read