Source · Select Committees · Public Accounts Committee
Recommendation 12
12
As a part of its 2011–2015 reforms, HM Treasury made a commitment that there would...
Conclusion
As a part of its 2011–2015 reforms, HM Treasury made a commitment that there would be no more reforms for 25 years. HM Treasury told us there are no intentions for further cross-government reform, but that it is something it continues to monitor.26 However, we are just six years into the post-reforms period and already there are substantial issues that need to be resolved. Both the McCloud judgment and HM Treasury’s concerns around the cost control mechanism have highlighted weaknesses in the sustainability of the reforms over the long term. COVID-19 and Brexit are likely to impact GDP in the short term, and it is too soon to tell if these events will have a long-term impact on public service pensions affordability.27
Government Response
Acknowledged
HM Government
Acknowledged
The government believes that the public service pension reforms introduced in 2015 meet the objectives for public service pensions set out in the 2011 white paper Public service pensions: Good pensions that last and is now focusing on completing implementation of these reforms by transferring remaining members into the reformed schemes from 2022 through the Public Service Pensions and Judicial Offices Bill 2021.