Public service pensions: cost control mechanism consultation

At the request of HM Treasury, the Government Actuary carried out a review of the cost control mechanism in the public service pension schemes. His final report has been published and sets out his assessment of the current mechanism and recommendations on possible changes. The Government has considered the Government Actuary’s recommendations and is now launching this consultation to seek views on three changes to the mechanism, all of which are recommendations by the Government Actuary. The government believes that these changes will establish a fairer balance of risks between taxpayers and scheme members, and create a more stable mechanism.