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UK. Govt introduces public service pensions bill in parliament
The new legislation, introduced by Conservative peer Viscount Younger of Leckie, was first announced in the Queen’s Speech in May.
The bill intends to fix the age-based discrimination against younger pension scheme members that stems from reforms introduced to public sector schemes in 2015.
These reforms meant that while most members were moved to new career average revalued earnings schemes, individuals aged 44 years or more on April 1 2015 were allowed to stay in their original defined benefit schemes.
The Court of Appeal had ruled this reform was unlawful in 2018 after the McCloud and Sargeant cases.
The new rules will formally afford eligible members the right to choose which set of benefits they wish to receive for the “remedy period” between April 2015 and March 2022.
All members will be moved to the reformed pension schemes by March 2022, “ensuring equal treatment from that point on”, it was stated at the time.
The general purpose of the bill is to ensure “public service pensions continue to reward public servants for their dedicated service, while being fairer — especially for lower earners — and more affordable to the taxpayer”.
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