By Claire West
Commenting on the Public Sector Pensions Commission report, released on Wednesday, David Frost, Director General of the British Chambers of Commerce (BCC), said:
“For too long the gap between public and private sector pensions has been growing, and the chasm is now untenable. With people living longer and the public finances in a dire state, it is finally time to take serious steps towards reducing the overall cost of public pension provision.
“It won’t be easy reforming pensions and this report raises some important questions. In the long-term, the BCC believes structural change is required, and we should aim to move public pensions towards a career average system, before shifting to defined contribution schemes. In the short-term, increasing employee contribution rates and moving up the state pension age would be a good start.”