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Public Pensions Contributions up £3k a year

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Public Pensions Contributions up £3k a year

Post  Panda on Thu 28 Jul - 7:30

Public Pension Contributions 'Up £3k A Year'

5:43am UK, Thursday July 28, 2011

Public sector workers are to be told they will have to pay up to £3,000 a
year more to keep up their pension schemes, it has been reported.

Public sector workers will find out what the future holds
for their pensions

Ministers will today set out details of additional contributions facing
millions of doctors, nurses, teachers and civil servants.

According to a report in the Daily Telegraph, some 750,000 of the lowest paid
staff will face no increase, but the remaining five million in pension schemes
will be hit, with the top earners paying the most.

In the first year, the best-paid 40,000 public sector workers, earning well
over £100,000, will pay an additional £284 a month - £3,400 a year - for their
final salary schemes.

The paper said that a doctor on £100,000 a year would pay almost £2,000 a
year more, teachers £1,752 and civil servants £2,100.

For staff earning £50,000, those working in the NHS would pay £768 a year
extra, teachers £696, and civil servants £684.

Public sector workers have threatened industrial action
over reforms

Workers with a £35,000 salary will have to find an extra £516 a year while on
£21,000 a year will pay an additional £108 a year.

Further increases are likely to be introduced until 2015 so overall
contributions rise to almost £3bn a year.

For senior civil servants, the increases represent a near doubling in the
contributions, the paper said, while doctors and teachers face increases of
around 30% and 50%.

Trade unions have warned the Government faces an autumn of industrial action
if it presses ahead with plans to reform public sector pensions based on the
review carried out by the former Labour cabinet minister Lord Hutton.

However it is understood that Treasury Chief
Secretary Danny Alexander
will argue that under the proposals,
the lowest paid staff will be protected from the biggest
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