Pensions

Pensions is probably the most complex area that Prospect representatives handle on behalf of members, who are covered by hundreds of different pension schemes.

Changes to public sector pensions

Read more about changes to public sector pensions in the civil service area of the website.

RPI and CPI

The government announced in the 2010 emergency budget that public service pensions would be increased in line with the Consumer Prices Index (CPI) rather than the Retail Prices Index (RPI). You can find more information about this in our CutStop campaign pages. 

Prospect's work on pensions

More generally, we represent members' pension interests in a number of ways:

• providing assistance on specific queries
• encouraging reps to become member-nominated trustees of their pension scheme
• providing training and regular briefings for pension reps and trustees
• taking a leading role in helping members negotiate improvements to their pension schemes
• obtaining independent actuarial advice on changes which employers propose to their pension schemes
• helping members who leave the public sector following privatisation or contracting out. We have been directly involved in the establishment of new private sector pension schemes for those members, ensuring that the range of benefits is broadly comparable to their previous scheme.

We have an excellent record in dealing with members' pension rights, from:

• resolving problems relating to the late payment of pension benefits
• advising on the detailed application of their scheme's rules
• helping members present cases to the Pensions Ombudsman
• negotiating major improvements to their pension schemes.

Individual advice and guidance

If a specific query about your pension scheme, speak to your local Prospect rep or your full-time officer in the first instance. Individual advice on pension-related decisions is available from Prospect's financial services provider, Liverpool Victoria.

For more general information about pensions use the 'Pensions and retirement' links on the left.