public service pensions
a few facts/thoughts:
1. there is no 'one' public service pension scheme: some are funded (teachers, local govt), others are taken out of current tax revenue.
2. generally you get two-thirds of final salary as your pension if you have completed full length service. proportionately less if you have worked fewer years or were part-time.
in addition, you get state pension and you no longer pay national insurance contributions.
3. no one is forced to work through to the new retirement age: you can still take early retirement if you wish.
in that respect, both public and private sector employees can buy 'additional voluntary contributions' to boost their pension entitlement. tax relief on these is greater as you near retirement - a time when it is more likely to be affordable if you so wish(family hopefully being off your hands)
4. the problem of greater longevity and a reduced work force has been known for some 15 years. the previous government failed to take any effective measures, at a time when economy was more buoyant, to tackle the issue. indeed, the 'prudent chancellor' removed the tax relief from pension funds and exacerbated the problem.
5. taking an example, BBC recently said that, in middlesbrough, 60% of work force was employed in public sector. so, on a monday morning, of ten people waiting at the bus stop, six will be public servants on a final salary pension.
the remaining four will , at best be on 'defined contibution' pensions, offering lower (uncertain) benefit, but, through all the varieties of tax they pay, will be supporting the more generous benefits of the other six.