2) Cost can be seen, is affected by investment income, potentially increases council tax, employers can reduce contributions or take pension ‘holidays’ – but this builds up a problem for the future.
4) Local Government, police, fire & rescue, meat hygiene service, higher and further education, probation, Environment agency, Passenger Transport Executives, some private companies and some voluntary sector organisations.
5) b – people have the opportunity to convert their lump sum into pension, and this includes that conversion.
6) a & f – possibly also b & d because of clustering in lower paid jobs and breaks in service.
7) d, b, c, a
13) Below – pension credit level is £5720 for singles, £8684 for couples
14) a) They chose
b) 6% of salary
15) a & b
16) Abolish the rule of 85 for all service from April 2006.
No protection for anyone so even if you are 59 in 2006 and retire at 60 you would suffer a reduction on pension earned in your last year of service.
Increase in employee contribution by 1% for two years so everyone would pay 7% (those manual grade protection would pay 6%).
Increase minimum age to draw pension from age 50 to 55 (earlier than required for new starters).