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Recent reports in the press and on TV could have lead you to believe that there has been a big development in retirement ages across all the public sector pension schemes, but this isn’t actually the case.
It is true that an agreement was reached yesterday which revokes the Government’s controversial plans to increase the pension age of certain public sector workers from 60 to 65.
But this agreement only applies at this time to members of the NHS, Civil Service, and Teachers’ Pension Schemes.
Under the new deal, existing workers in the civil service, health and education sectors will be able to keep their existing retirement age of 60, and only those staff joining from June 2006 will have a different arrangement.
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| 1 April 2005: |
Regulations came into force largely scrapping the 85 test and increasing minimum retirement age to 55 for many |
| 3 August 2005: |
Regulations came into force revoking the April changes, and were backdated to April. |
| Autumn 2005: |
Talks ongoing between Government, Unions, and employers, with likely completion date of November. |
| April 2006? |
Further changes based on results of above talks. |
Whilst the various public sector schemes have much in common, and all have their rules written by central government, each is a separate scheme, and we shouldn’t read too much into these developments.
The main factor which will decide the future of our scheme, is the ongoing “tripartite talks” between the Government, Unions, and employers.
As we explained in the last bulletin, these talks should be concluded this November, with the resulting changes to the LGPS probably taking effect from April 2006.
We’ll issue another newsflash once we know more...
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