By Neil RecordWhilst private sector pension schemes have been closing down rapidly in the last few years, public sector employees continue to enjoy “gold plated” benefits. Proposed reforms to public sector schemes will make little difference to the benefits available to new employees and no difference at all to benefits of existing employees.
In this monograph, Neil Record estimates that public sector pension liabilities are about Â£1trillion – but the government publishes estimates of the liabilities of only half this level. The author argues that nothing can be done to deal with the liability accrued so far, but that action can be taken to make costs transparent in the future. If costs are made transparent a start can be made to change the nature of public sector schemes, to the benefit of workers and taxpayers alike.
Published by the Institute of Economic Affairs at 10 pounds. http://www.iea.org.uk/record.jsp?type=release&ID=114