Public service pensions are a significant part of the pensions landscape in the UK. As at 31 March 2020 the major public service pension schemes had over 8 million members, including active and deferred members, and current pensioners.
Most of the main public service pension schemes are unfunded, with benefits funded from current contributions on a ‘pay-as-you-go’ basis. Reforms in the last decade have sought to put these schemes on a more sustainable financial footing, and to strike a fairer balance between the interests of members and taxpayers, and current and future generations.
This report follows up on our previous body of work on public service pensions, looking at how the public service pensions landscape has changed since 2010 and considers what challenges remain.