The newly announced commission reviewing public
service pensions needs to look at the “shades of grey” to identify
the most appropriate way of providing retirement income for the
public sector, says international law firm Pinsent Masons
John Hanratty, Head of Public Sector Pensions at
Pinsent Masons, says the HM Treasury's announcement on Sunday that
John Hutton has agreed to chair the commission is to be broadly
welcomed.
Mr Hanratty says: "In appointing John Hutton, the
Chancellor seems to be recognising that the provision of pensions
is a cross-party issue. The scope for the commission set out by HM
Treasury seems to provide a balanced focus for a proper examination
of what is fair and sustainable for public sector employees.
“It is to be hoped that the soundbite positioning
of some players in this debate – talks of "gold plated" defined
benefit schemes or "tin pot" defined contribution schemes – will
now be put aside allowing this review to focus on what is
appropriate and sustainable for all stakeholders.
“The answers to the questions do not lie in a
"one-size fits all" approach; the commission should focus on
protecting the retirement provision for the low paid, part-time and
career break workers whilst not unduly enriching those higher
earners whose other remuneration arrangements are more akin to the
private sector.
“The approach should not be "black and white",
defined benefit or defined contribution, the commission needs to
look at the shades of grey, and apply the most appropriate methods
of providing retirement income for the wide range of people
employed in the public sector."
Pinsent Masons is an established, full service law firm with
truly international reach, a reputation for delivering both world
class service quality and excellent value, providing a full range
of corporate, financial and commercial legal services to major UK
and international corporations, institutions and public bodies. The
firm ranks amongst the top 100 global law firms and has well over
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international law firm with over 700 lawyers across 22 or more
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States.
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