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Pension: Holding all the cards

Business meeting 15 Print publication

12/02/2016

First published in the Procurement & Outsourcing Journal in the January/February 2016 edition.

Pension provision is an emotive subject. As time passes fewer private sector workers have access to future service pension benefits in defined benefit pension schemes. For these workers, the government’s main concern is to ensure adequate minimum pension saving. In contrast, public sector workers continue to enjoy the more generous (although reformed) defined benefits provided by the public sector pension schemes. The protection of pension provision for public sector workers who transfer to the private sector is a political imperative, therefore. This article looks at these protections, in particular New Fair Deal, and highlights practical considerations for those involved in public to private sector outsourcing transactions.

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