States pension 'still better than anything in the private sector'
CIVIL servants' pensions are still 'generally better than anything available' in the private sector, a pensions expert has said.
Concept Group managing director Roger Berry said although the scheme would reduce the amount of money they had traditionally received – by providing a salary based on average career earnings, as opposed to based on the final year's – it would still be better than those working outside the public service could expect to receive.
And besides, Mr Berry said that if nothing was done to alter the current model, at some point, the money simply would not be there to pay them.
'Civil servants are still going to receive a guaranteed pension that exceeds anything generally available in the private sector.
'The changes proposed will mean the pension scheme is more sustainable.
'The current position is not economically viable or sustainable for the States.
'Historic pension rights are being protected and the new proposals offer a scheme which, whilst less beneficial, are sustainable.
'For example, the proposals reflect some changes affecting all of us looking forward to our old age pensions, in that over the coming years the age we receive benefit is moving from 65 to 70 and that is reflected in the proposals for States workers.'
