Pensions Bill to cut £65bn costs

THE GOVERNMENT will today publish legislation that aims to reduce the public sector pension bill by £65bn over the next 50 years.

The Public Service Pensions Bill aims to cut the cost of such retirement funds by half. Measures include moving workers from final salary schemes to career average pensions and forcing public sector employees to work longer by withholding payments until they reach the state pension age.

Employees due to retire before 1 April 2022 will not be affected.