UK: Public sector pensioners to lose billions

"This represents a massive transfer of wealth away from public servants," says The Public and Commercial Services Union (PCS) in a press release commenting on to the latest forecast by the UK government's analysts:

£430 billion (550 billion euro) will be cut from public sector pensions over the next 50 years.

PCS general secretary Mark Serwotka says: "This report confirms that the government is robbing billions from the pensions of low-paid public servants to pay for a financial crisis caused by wealthy bankers.

"While ministers continue to refuse to negotiate with us on the key issues of paying more and working longer for less in retirement we will continue to oppose their totally unnecessary and unfair cuts."

The government's proposals have led to joint national industrial action by public sector unions, including a 30-union strong strike on 30 November last year, and further action on 10 May.

In common with the vast majority of union members across the civil service, health and education sectors, PCS members have rejected the government's 'offer' and unions continue to discuss the possibility of further national industrial action.

How much is the government taking from you?
A pay and pension calculator on the PCS website shows exactly how much you stand to lose at an individual level.
 
Lynne Arnison has has worked in the civil service for 26 years and has had her personal data analysed by the calculator. This is how she will be affected by the government's plans:

• Pay £696 more per year and £61 more per month
• Lose £20,601 from her current pension
• Stand to lose £42,158 from her pension if she works until she is 66

 Read more on the PCS pensions website.