- Home
- Budget
- Newsroom & speeches
- Economic data
- Consultations & legislation
- Independent reviews
- Financial services
- Infrastructure
- International issues
- Public spending & reporting
- Taxation, work and welfare
-
- Corporate tax
- Indirect tax
- Tax and the environment
- Office of Tax Simplification
- Tax policy making
- Public Sector Pay
- Public Service Pensions (PSP)
- Controlled Foreign Companies (CFCs)
- Taxation of Foreign Branches: documents published prior to 29 November 2010
- Patent Box
- Tax avoidance
- Income tax and National Insurance Contributions (NICs)
- UK economy
- About us
Taxation, work and welfare
Public Service Pensions (PSP)
26 April 2013
The Public Service Pensions Bill received Royal Assent on 24 April 2013. You can find further information about the Bill's progress through Parliament and other useful information, such as transcripts of debates that have taken place, on the Parliament website.
We have collated the latest information about the Act, including an archive of key reform documents, a glossary of pension terminology and links to related websites. We’ve also made available speeches, press releases and Written Ministerial Statements, together with links to related websites.
The Public Service Pensions Act 2013 is available on the Parliament website.
Additional resources for scheme members
Schemes have produced information targeted specifically at members, so you should visit your scheme’s website for more detail about what the reforms may mean for you.
- NHS Pension Scheme
- Teachers Pension Scheme
- Principal Civil Service Pension Scheme
- Local Government Pension Scheme
- Firefighters’ Pension Scheme
- Police Pension Scheme
- Armed Forces Pension Scheme
Public Service Pensions reform: background
The Independent Public Service Pensions Commission published its final report in March 2011. The Government accepted its recommendations as the basis for consultation with public servants, trades unions and other member representatives. The Public Service Pensions Act 2013 implements the agreements reached.
Public Service Pensions Act 2013
The Independent Public Service Pensions Commission recommended that the Government should introduce primary legislation to adopt a new common UK legal framework to provide greater transparency, simplicity and certainty.
The Act will:
- Enable the creation of new, fairer, Career Average public service pension schemes to replace the largest existing final salary schemes;
- Link normal pension ages to State Pension age to manage longevity risk (except for firefighters’, police and the armed forces, where normal pension age will be age 60, subject to regular reviews);
- Introduce an employer cost cap to ensure unforeseen changes in cost are controlled to protect the taxpayer;
- Set out requirements for scheme governance, regulation and administration to deliver transparency and accountability;
- Allow for the provision of transitional arrangements and protections, where necessary;
- Reform public body and ministerial pension schemes and closing the Great offices of State pension schemes.
The Public Service Pensions Act 2013 is a framework piece of legislation and so does not contain detail on individual scheme designs. These designs will be set out in regulations and scheme rules in due course.
Share
Public Service Pensions
