Around half of members of the local government pension scheme (LGPS) will opt out if the government pushes through pension reform, according to the GMB union.
A GMB consultation of more than 1,000 members of the LGPS suggested 55% would leave the scheme if plans to increase contributions, reduce payouts and push back retirement ages succeed. The union said such a large exodus will cause a "crisis" for the LGPS' 89 funds. Brian Strutton, national secretary for public services at the GMB, said: "These proposals will not generate the savings the government is demanding because members will simply opt out of the scheme. "Who benefits from this? Not taxpayers who will have to support these workers in retirement and not councils who will have ...
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