Altering either AFPS 75 or 05 could have many problems; these, to name a few:
- Do we get the notional 11% back in our pay to allow us to fund our own pension pot?
- If the enforced retirement age is 55, can they defer payment to 65?
- If there are no option points you lose both the pension "trap" retention and possibly lose people earlier or gain an ageing service population who try to stay until 55.
I'm sure there are lots more issues, particularly emotive ones, but the first point has been commented on before; if our take home pay is less because we have a great non-contributory scheme, what happens when that scheme goes - does pay go up? Will there have to be changes to the retirement age, possibly up to state pension age!! What incentives will have to be introduced to retain those no longer motivated by the pension trap?
Answers on a postcard/postage stamp, please.