The Deal

Public service workers	Taxpayers
A good pension in retirement: A level of pension that at least meets agreed adequate standards of pension - taken together with full state pension this should deliver -on average more than two thirds of pre-retirement salary for those below median income.	Fairer sharing of benefit of living longer: Public service workers will over time be expected to work longer -most to state pension age- before they take their pension. This will rebalance the proportion of adult life spent in retirement.
A defined benefit pension: A pension based on average salary indexed by average earnings over your career. The design should benefit the majority of members who do not have the high salary growth rewarded in a final salary scheme.	Future-proofed: Pension age in lost public service schemes will be expected to keep in line with changes to life expectancy through a link to state pension age changes.
Accrued rights protected: The years you have already worked provide a pension at your current pension age linked to your final salary. This will protect existing staff from full impact of change in proportion to their age and career length.	Fixed cost The Government should establish a fixed cost for the employers' contribution to public service pension schemes. If cost grows beyond this level action will be taken to get back to this level.
Fair process of change: The details of change should be the subject of consultation with staff and unions.	Greater transparency of cost: Figures for the current and future expected cost of public service pensions should be published more regularly, consistently and transparently.
Better management of schemes: Improved standards of governance and administration with staff involvement.	Single legal framework: Public service pensions should have a new legal framework with consistent approach to control and governance.

Public service workers

Taxpayers

A good pension in retirement:

A level of pension that at least meets agreed adequate standards of pension - taken together with full state pension this should deliver -on average more than two thirds of pre-retirement salary for those below median income.

Fairer sharing of benefit of living longer:

Public service workers will over time be expected to work longer -most to state pension age- before they take their pension. This will rebalance the proportion of adult life spent in retirement.

A defined benefit pension:

A pension based on average salary indexed by average earnings over your career. The design should benefit the majority of members who do not have the high salary growth rewarded in a final salary scheme.

Future-proofed:

Pension age in lost public service schemes will be expected to keep in line with changes to life expectancy through a link to state pension age changes.

Accrued rights protected:

The years you have already worked provide a pension at your current pension age linked to your final salary. This will protect existing staff from full impact of change in proportion to their age and career length.

Fixed cost

The Government should establish a fixed cost for the employers' contribution to public service pension schemes. If cost grows beyond this level action will be taken to get back to this level.

Fair process of change:

The details of change should be the subject of consultation with staff and unions.

Greater transparency of cost:

Figures for the current and future expected cost of public service pensions should be published more regularly, consistently and transparently.

Better management of schemes:

Improved standards of governance and administration with staff involvement.

Single legal framework:

Public service pensions should have a new legal framework with consistent approach to control and governance.

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