Workers in the private sector will have to accept a £4.75bn reduction in their pensions as the country tries to recover from the recession, while public sector workers’ retirement funds will escape cuts, the Daily Mail has reported.
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Limits will be placed on private sector pension contributions in order to slow their sometimes rapid growth, which could save up to £1bn a year for the government.
The report added that a National Audit Office survey revealed that the annual cost of public sector worker pension schemes was £19.4bn, with the public contributing £14.9bn.
