Public sector pensions: The details agreed so far

The unions have agreed to take these models for reform to their membership for approval in the New Year. These reforms will apply to all four schemes: Each scheme will be set up on a career average basis; The normal retirement age in all schemes will be set as the same as the state pension age for all post-2015 service; An employer cost cap will be set. Other reforms apply to the schemes differently, as set out below.   Principal Civil Service Pension Scheme (PCSPS) The new PCSPS have a provisional accrual rate of 2.28% of pensionable earnings each year. Active m...