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Boost to public sector pensions on back of CPI

Journalist: Sarah O'Grady, Daily Express

ended 18. October 2023

I’m writing today (Wednesday) about the CPI figure and the expected generous rise in public sector pensions it will fuel.   There's lots of chat about the triple lock but the cost to the taxpayer funding the huge public sector pension bill is enormous and growing. 

Reaction on that growing expense and the funding of it welcome. Not least because public sector pay has also outstripped the private sector, which also has to fund its own pensions.
 

 

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Joshua Gerstler
Chartered Financial Planner at The Orchard Practice
Public sector pensions are probably the most generous pension schemes available to UK workers. Public sector workers should make sure they are taking full advantage of this. The disadvantage of this is that everyone in the UK has to fund this via the tax that they pay. At some point, and we may be there already, public sector pensions, as well as the State Pension, become too expensive to maintain and this needs to be dealt with sooner rather than later. Hard-working Brits need to make sure they are putting money aside for their own future.