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CBI calls for public sector pension review

The cost of public sector pensions should be looked into by an independent commission, the Confederation of British Industry (CBI) said today.According to the business group, ways of alleviating the burden felt by taxpayers obliged to make up the schemes' liabilities should be looked into.These could include raising the retirement age for government workers, in line with the private sector.Figures cited by the CBI suggest that unfunded public sector schemes carry around £915 billion of liabilities - a debt burden which could get still worse in the financial downturn.John Cridland, CBI deputy director-general, said: "Public sector workers should have a good retirement, but we need to talk openly about how we split the bill. The debt that is being racked up is truly eye watering."We don't know enough about the problems that these pensions are storing up. An independent commission would shine a light on the real cost of public sector pensions, and could help lighten the load for taxpayers."

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