Government reveals public sector pension overspend
Public sector pensions overpayments since 1978 exceed £120 million, the government has admitted.A minister has also said that claiming back the money would not be possible for cost reasons.Payments to workers such as NHS doctors and civil servants are included in the total.Some pensions are to be reduced from the start of the new financial year next April as a result of the finding.Liam Byrne MP, minister for the cabinet office, commented: "Some pensioners will have their payments reduced and others will see increases in their payments in 2009 which are less than the annual inflation uprating."He added: "The advice of the accounting officers of the schemes is that it is unlikely to be cost-effective to attempt recovery of these monies from individuals."News of the pensions reductions has yet to be given to the retirees affected.Public sector pensions in the UK hold estimated deficits exceeding £900 billion.
Share this..
Related stories
How did Gordon Brown get it all so wrong?
Despite having a second honeymoon just a few months ago Gordon Brown is today under renewed pressure as rescue package after rescue package fails to stimulate the UK economy. While much of the blame is now being pointed towards the UK government and Gordon Brown in particular, after his long tenure at the Treasury, there are concerns that he has been caught up in a worldwide phenomenon and could p...
Read MoreHas the government got it wrong on public-sector cuts?
UK unions are now starting to challenge the UK government's decision to slash the public sector budget deficit in such a relatively short space of time. They believe that the government's short timetable to cut the deficit could potentially lead to 2 million job cuts in the UK and a period of immense economic pressure which could set back the UK many years. While many unions in the UK privately...
Read MoreStephen Hester complains about recruiting in the financial sector
Stephen Hester, the government appointed chief executive of Royal Bank of Scotland, has today broke ranks from the government suggesting that his "single greatest business problem" at Royal Bank of Scotland is recruitment. He believes that the UK government's attack on the UK banking bonus culture together with the overall demonisation of the sector has impacted upon the number of people looking t...
Read MoreBank of England to change format for economic forecast presentations
Mervyn King, the government the Bank of England, has today confirmed that future economic forecast presentations from the bank will be presented in a very different format than in the past. There have been number of complaints from economist regarding the ever more complicated economic graphs used by the Bank of England's and the fact that very often these graphs give a different impression to tha...
Read MoreOffice of Fair Trading looking at UK infrastructure companies
The Office of Fair Trading is set to embark on a groundbreaking exercise to create a list of all essential economic infrastructure in the UK and detail ownership and control of these assets. While this will not include items such as schools and hospitals it will include water companies, electric companies and other utility companies which are central to the UK business and consumer arena. Once...
Read More