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Taxpayers Alliance Make Up Numbers In Pensions Report

Wednesday, March 26, 2014

Taxpayers Alliance Attack On Public Sector Pensions Is Based On Spurious, Hysterical And Hyped Made Up Numbers Says GMB

TPA should stop scaremongering in an attempt to provoke resentment at these reformed, sustainable and fair pay as you go pension schemes says GMB.

GMB commented on a report from the Tax Payers Alliance (TPA) on the costs of pay as you go public sector pension schemes. See notes to editors for links to story on TPA website.

Phil McEvoy, GMB Pensions Officer, said "With these completely spurious, hysterical, and hyped guesstimates TPA is trying to resurrect a debate that was concluded 3 years ago. TPA has simply made up the numbers to justify an attack on public sector pensions.

Treasury decided to adjust the assumption used to place a present value on future pension liabilities. See notes to editors for Treasury figures.

This adjustment has worked to the detriment of public sector workers forcing an extra 3% deduction from pay. It also means that public sector pensions are treated differently from other areas of government expenditure so public sector pensions are made to look more expensive than, for example, the state pension.

TPA should accept the outcome and stop scaremongering in an attempt to provoke resentment at these reformed, sustainable and fair schemes. We are not holding our breath for them to do so. Until they do so these ravings should be ignored."

End

Contact: Phil McEvoy  0791 876 8773 or Brian Strutton 07860 606 137 or GMB press office 07921 289880

Notes to editors

1. The report can be seen at https://www.taxpayersalliance.com/campaign/2014/03/revealed-government-underestimates-public-sector-pension-liability-610-billion.html

2. Details of the Treasury's consultation on changing their assumption can be seen at https://www.gov.uk/government/consultations/the-discount-rate-used-to-set-unfunded-public-service-pension-contributions

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