12 Not Addressed

As a part of its 2011–2015 reforms, HM Treasury made a commitment that there would...

Conclusion
As a part of its 2011–2015 reforms, HM Treasury made a commitment that there would be no more reforms for 25 years. HM Treasury told us there are no intentions for further cross-government reform, but that it is something it continues to monitor.26 However, we are just six years into the post-reforms period and already there are substantial issues that need to be resolved. Both the McCloud judgment and HM Treasury’s concerns around the cost control mechanism have highlighted weaknesses in the sustainability of the reforms over the long term. COVID-19 and Brexit are likely to impact GDP in the short term, and it is too soon to tell if these events will have a long-term impact on public service pensions affordability.27
Government Response Summary
The government reiterated its belief that 2015 reforms meet objectives and is focused on completing implementation, but did not address the committee's observation about substantial issues arising just six years into a supposed 25-year commitment, or concerns about long-term sustainability.
Government Response
Not Addressed
HM Government Not Addressed
The government believes that the public service pension reforms introduced in 2015 meet the objectives for public service pensions set out in the 2011 white paper Public service pensions: Good pensions that last and is now focusing on completing implementation of these reforms by transferring remaining members into the reformed schemes from 2022 through the Public Service Pensions and Judicial Offices Bill 2021.
Addressee Bodies
HM Treasury
Timeline
Recommendation age 5.1 yrs
Report published 11 Jun 2021