David Jose, Pension Transfer Specialist at Newport-based financial planners Seer Green, said: “It is understandable that the government have been seen to give some ground in the short term on their proposals for reform of public sector pensions in light of the potential damage that would be caused by the planned round of public sector strikes.

“However, it is also vital that they continue to re-inforce the message to public sector workers and unions, that public sector final salary schemes cannot continue to remain unscathed when private sector pensions – both final salary and fund based/money purchase schemes – have been victims of the ‘carnage’ that has taken place in economies and financial markets across the globe within the last 10 years or so, leaving many pensioners significantly worse off than they expected.

“Coupled with that, while it is understandable and preferable that changes to the public sector schemes should be gradual and negotiable where possible, it is also important for everyone to recognise that the members of those private sector schemes who have suffered so much themselves are at the same time also being asked to ‘subsidise’ these public sector pension benefits through their taxes and National Insurance payments.

“Speaking as someone who has a private Self Invested Personal Pension, and a wife who is a long-term member of the NHS Pension Scheme, I possibly have as much motivation as anyone to support moves to find the most equitable route for all.”

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