Whatever the merits of the other conclusions drawn by the Intergenerational Foundation in its report on the balance between generations, they are completely incorrect to assert that public sector pensions are “overwhelming young people’s prospects” (Report, 15 August). The latest long-term projections from the Office for Budget Responsibility show that the cost of public sector pensions is projected to fall consistently in the future as a result of recent reforms to the schemes. The estimated cost of the main public sector schemes in 2014-15 was 2.1% of GDP and this is forecast to fall to 1.5% of GDP in 2044-45 and 1.2% in 2054-55; these schemes are becoming more affordable, not more of a burden.
Neil Walsh
Pension officer, Prospect trade union
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