Nick Clegg has slammed "unreformed gold plated" public sector pensions after a report revealed taxpayer spending on the schemes will more than double by 2014/15.
The deputy prime minister was speaking after a pre-budget forecast report by the Office for Budgetary Responsibility revealed taxpayer spend will increase from £4bn to £9.4bn over the next five years. Clegg said: "Private sector workers have already seen final salary schemes close, while returns from defined contribution schemes fall. So can we really ask them to keep paying their taxes into unreformed gold-plated public sector pension pots? It's not just unfair - it's not affordable. "As we face up to living within our means, we cannot ignore a spending area which will more than doub...
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