Urgent action needed
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IEA responds to job cuts forecast by Treasury
Philip Booth responds to John Hutton's appointment to the government s pensions commission
“Urgent action is desperately needed on public sector pensions. The appointment of John Hutton to the government’s pensions commission is to be welcomed. While strictly speaking no government commission on this issue may be necessary because independent experts are generally agreed about the root of the problem, it is nonetheless good to see the issue being made a priority. I am also pleased to see that the commission will have to report rapidly.”
“There is no question that public sector pensions face a crisis point. The underlying contribution rates for these schemes are between 40% and 70% of salary. But, to a large degree this, and the value of the accumulated liabilities (around £1.2 trn), is hidden from the public by antiquated government accounting conventions. The Office for Budget Responsibility should have been more outspoken about this in their report last week.”
“The independent Public Sector Pensions Commission, initiated by the Institute of Economic Affairs and supported by the Institute of Directors, other think tanks and independent pensions experts, will report on 7 July with comprehensive proposals for reform.”
To arrange an interview with Philip Booth, IEA Editorial and Programme Director,please contact Stephanie Lis, Communications Manager, 077 5171 7781, 020 7799 8900, [email protected].