Public pensions review recommends higher contributions

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BBC News - Public pensions review recommends higher contributions

Members of public sector pension schemes should pay higher contributions, says an independent commission led by Lord Hutton.
The change is an initial recommendation from the commission, which was set up to consider ways to cut the rising cost of public sector pension schemes.
Lord Hutton said the pensions should be changed from a final-salary basis, possibly to career-average schemes.
He is also likely to recommend that public service employees retire later.
The pension schemes cover millions of workers in the civil service, NHS, local government, education, police, armed forces and fire service.
The main problem highlighted by Lord Hutton was that people were living longer in retirement, so their pension funds had to pay them for much longer.

Not great news, but the public sector was always going to have to suffer...