28 November 2011
And even the coalition’s own figures reveal they are hitting pensioners hard.
The calculator shows that - contrary to the spin and rhetoric of ministers – most civil servants will not get a better pension from the “improved offer” made by the government earlier this month.
In fact - at a comparable retirement age – workers will get a smaller pension under the new scheme.
The government calculator does not show the increased pension contributions, or the cut to pension benefits caused by changing the inflation indexation to the lower CPI from RPI.
These apply in addition to losses shown by the cabinet office calculator – and can still be found on the PCS pension calculator.
The best case scenario on the government calculator is a 49 year old with 30 years’ service, who will lose 5.5% of their pension at age 60 and need to work to over 62 to get current entitlements.
A 40 year old with 10 years’ service will lose just less than 20% of their pension if they retire at 60, and need to work four more years to get the pension they are currently entitled to at age 60.
All those who have more than 10 years until retirement will get less at current retirement age – or miss out on years of pension entitlements if you choose to work longer.
PCS is one of more than 20 unions taking part in a day of strike action over pensions on Wednesday 30 November.