if you put lipstick on a pig
Fair enough, I do agree there is a large sh!t sandwich to be swallowed by many compared to how it was. However, as you mention, FTRS is a good alternative. There are real problems in recruiting for FTRS at present (any of Home, Limited or Full Commitment) and I hear of some job adverts being run 2-3 times before the right candidate comes along. But this pension and TACOS is for a long game in that:
1. It saves money. (Which the Govt wants)
2. It doesn't affect those with 10 or years left to go from 1 Apr 12. (Which those that are starting to think about retirement need)
3. Future Reserves (FR) 2020 and NEM is supposed to deliver flexible working from 2020. So it is early by 2 years to allow those reaching 55 on/after 1 Apr 22 on AFPS15 alleged opportunities to switch to a reserve contract to age 60 whilst accruing on AFPS15. (Which gives at least a 10 year run at a chance of aligning oneself for promotion or a FTRS opportunity)
4. There is actuarily reduced pensions available to those between 55-60. (But my brain is too small to work out what that actually means apart from a slightly smaller immediate pension?!)
Now, as I said, this is not a great deal compared to what went before, but there is at least some 'wriggle room' for a somewhat sh!tty stick. With my glass half full - in my opinion, it could have been far, far worse!
LJ
