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FDA opposes Treasury halting public sector pension scheme valuations

Yesterday, Chief Secretary to the Treasury Liz Truss announced that the Government will be pausing one element of the valuations of public service pensions.

Responding to this written statement, FDA Assistant General Secretary Lucille Thirlby yesterday said:

“The FDA opposes the Treasury halting any element of the public sector scheme valuations. Would the Treasury be delaying if the cost cap meant an increase in subscriptions?

“The Civil Service Pension Scheme valuation identified a breach of the cost cap floor, meaning it has operated cheaper than expected. The members of this scheme should be reaping the rewards of this.

“For years, civil servants have suffered from real term pay cuts. Now improvements to their pension benefits aren’t being realised. This is just adding insult to injury.

“The Government created a set of agreed rules to last for 25 years – now it is trying to back out. By halting this process, Civil Service Pension Scheme members will be unable to benefit from lower contributions or improved benefits for an unknown length of time.

“The FDA will continue to fight for its members access to affordable and sustainable pensions. The Treasury approach, yet again, seeks to crack a nut with a sledgehammer.”

Notes for editors 

  1. The FDA is the union for senior managers and professionals in public service, representing more than 18,000 members at grades HEO and above. Membership includes senior civil servants, government policy advisors, prosecutors, diplomats, tax professionals, economists, solicitors and other professionals working across the Government and the NHS. 
  2. The FDA (formerly the First Division Association) should be referred to simply as "The FDA" and can be described as "the senior public servants' union". 
  3. The FDA can be found on Twitter @FDA_union and at www.fda.org.uk. General Secretary Dave Penman tweets as @FDAGenSec. 
  4. For more information contact: 

 

Channel website: https://www.fda.org.uk/

Original article link: https://www.fda.org.uk/home/Newsandmedia/Pressreleases/public-sector-pensions-valuations.aspx

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