Replace Public Sector Pension schemes with a defined contribution scheme 4%/6%

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Replace Public Sector Pension schemes with a defined contribution scheme 4%/6%

Petition Details

Set up a defined contribution (DC) scheme for all public sector staff along the same lines as most private sector schemes (usually 4% staff & 6% employer contributions - staff can contribute more).

Additional Information

All new staff to join the scheme. Current staff transferred with enhanced terms (ie higher employer contributions) to compensate.
Public sector (PuS) pension costs are huge. The private sector (PrS) dealt with this a long time ago, which is why the vast majority of PrS schemes are now DC, not defined benefit (DB).
The Government recently attacked the PrS pension savers by pulling their pension pots into their estates. We think this is unfair when the PuS arrangements, which are vastly more beneficial to the Eee, remain untouched.
This strategy COULD help fill the "black hole" that has been talked about.

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