Public pension pact signed: Govt concedes on Fair Deal Policy

The NHS pension scheme, the local government pension scheme (LGPS), the teachers' pension scheme (TPS) and the principal civil service scheme (PCSS) will be reformed based on the government's offer of a smaller cut to accrual rates on 2 November. Unions will now ask their membership to accept an accrual rate of 1/60th, rather than the less-generous 1/65th previously proposed by the government. The government has agreed to keep in place the Fair Deal Policy, which states that companies buying out council services must continue to provide workers with a comparable pension scheme. To...