A new report says that the value of public sector pensions will be cut by up to a third
The report says the NHS, teachers, local government and civil service pensions will be worth less after government changes.
The coalition government is introducing a number of changes to public sector pensions, which will mean that people who are members of the scheme will see their pensions reduced in value by up to a third in the future. Far more women than men are members of public sector pension schemes so they will be affected by these changes more. The Pensions Policy Institute, an independent research charity, says many will be worse off, although people on a lower salary will benefit.
Automatic enrolment into a workplace pension: what information can you expect?
If you’re being automatically signed up for a workplace pension, what does your employer have to tell you and when?
Recently I was in one of my local shops when three of the shop assistants were in avid conversation. It turns out they were talking about pensions (who knew?!) and, in particular, whether they should stay in their employer’s automatic enrolment scheme (where you’re automatically signed up for a pension and have to opt out if you don’t want to pay into it) as they’d just been sent some information about it. So, what should you be told, and when?
Research shows women are less likely to leave ‘automatic enrolment’ workplace pensions
Millions of people are being enrolled into their workplace pension and women are less likely to opt out again
Research by Aviva into workplace pensions shows that, while men are more aware of automatic enrolment and what it involves, women are more likely to stay in a workplace pension. The government phased in automatic enrolment from October 2012 – it means that for the first time people will be automatically enrolled into their workplace pension (although they can opt out) and their employer will have to make a contribution.