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M25 Private Finance Contract
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Book Synopsis Procurement of the M25 private finance contract by : Great Britain: National Audit Office
Download or read book Procurement of the M25 private finance contract written by Great Britain: National Audit Office and published by The Stationery Office. This book was released on 2010-11-19 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The slowness with which the Highways Agency's PFI contract to widen the M25 was taken forward resulted in higher financing costs in the credit crisis. Moreover, the Agency was slow to investigate a potentially cheaper alternative to widening. An 18-month delay in preparing and finalizing the widening procurement meant that the contract was let in May 2009 at the height of the credit crisis. This increased the net present cost of the deal by £660 million (24 per cent) to £3.4 billion. The case for PFI was less convincing than the Agency thought owing to shortcomings in its cost estimation process. The Government had announced in 2003 its intention to reduce congestion on the M25. The Agency was starting to carry out trials at that time of an alternative, potentially cheaper solution of hard shoulder running (allowing drivers to use the hard shoulder at times of peak congestion), first tested in Europe in 1996. The NAO estimates the savings from a conventionally procured hard shoulder running solution might range between £400 million and £1.1 billion. The Agency, however, doubted the technique's suitability for one of the sections of the M25 being widened which has high traffic flow and whether operation and maintenance savings could be achieved through conventional procurement
Author :Great Britain: Parliament: House of Commons: Committee of Public Accounts Publisher :The Stationery Office ISBN 13 :9780215556332 Total Pages :48 pages Book Rating :4.5/5 (563 download)
Book Synopsis M25 private finance contract by : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Download or read book M25 private finance contract written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2011-02-08 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: In May 2009 the Highways Agency signed a 30 year private finance contract for widening two sections of the M25 motorway, including the Dartford Crossing, and maintaining the entire 125 mile length of the road, and 125 miles of connecting roads and motorways. The Committee makes eight points in conclusion of its review of the contract: they do not agree that the PFI contract represents value for money; the £80 million spent on consultants over six years for this project was excessive; the Agency lacks the capacity to assess whether its advisers are providing value for money; the Agency significantly over-estimated the market rate for operation and maintenance; the invitation to tender was too narrowly drawn as it excluded hard should running as a solution for traffic congestion; the Agency persisted with its preferred solution of widening the M25 because of the time taken to trial hard shoulder running; the Agency appeared to be committed to a single procurement route & justified a widening deal through a flawed and biased cost estimation; evidence could not be taken from the Senior Responsible Owner of the project as he had left the Agency and was employed by one of the project's major contractors and investors. Ultimately the Committee believe that the project was mishandled at a potential extra cost to the taxpayer of around £1 billion
Book Synopsis Public Sector Management by : Norman Flynn
Download or read book Public Sector Management written by Norman Flynn and published by SAGE. This book was released on 2012-03-26 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: The highly-anticipated sixth edition of Norman Flynn's Public Sector Management continues to provide students with an insightful, jargon-free description, analysis and critique of the management of the public sector by the UK government. New to the sixth edition: Fully updated to take account of the coalition government and the impact of the financial crisis on public spending. Four new chapters on managing public finance, e-government, regulation and public-private partnerships. Expanded learning features including:, additional boxed examples, annotated suggestions for further reading and suggestions for discussion topics and references to journal articles. New companion website with free access to full-text journal articles, policy documents, links to useful websites, and relevant multimedia and social media resources. www.sagepub.co.uk/flynn6 Public Sector Management will prove invaluable reading for students studying public sector management as part of a business, management, social policy, politics or sociology degree.
Book Synopsis State-led Privatisation and the Demise of the Democratic State by : Mike Raco
Download or read book State-led Privatisation and the Demise of the Democratic State written by Mike Raco and published by Routledge. This book was released on 2016-04-01 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: For decades now we have been told that we are living through a governance revolution. Gone are the days when government agencies and bureaucrats told us what to do and how to do it. We are no longer clients of the state but empowered citizens who are able to take greater control over our own lives and the activities of those who govern in our name. Across the world the prevailing narrative has become one of Good Governance, devolution, liberation, and freedom of expression. In policy fields as diverse as development planning, healthcare, and public transport a neo-pluralist rhetoric has emerged based on the principles of ’co-production’ and partnership working. And yet at the same time a curious paradox is emerging. Whilst the prevailing zeitgeist is one of openness and citizen empowerment, this book will show that in reality new modes of governance are emerging in which state controls have actually been expanded into many spheres of life that were previously left unregulated. For some a new political economy of ’regulatory capitalism’ has emerged and this, in turn, has ushered in unprecedented forms of state-led privatisation under which democratically-elected politicians have voluntarily handed over their powers, responsibilities, and resources to new corporate elites who promise to deliver services in more efficient and equitable ways. As the discussion will show, in reality the rhetoric of Good Governance has, therefore, been used to legitimate the wholesale transfer of welfare assets and services beyond the democratic control of state actors and the citizens that they represent. Privatisation has become a new utopianism that involves a revolution in ways of thinking about democracy, governance, and urban management, the implications of which will be felt by current and future generations.
Book Synopsis Treasury minutes on the nineteenth to the twenty first and the twenty third to the twenty seventh reports from the Committee of Public Accounts session 2010-11 by : Great Britain: H.M. Treasury
Download or read book Treasury minutes on the nineteenth to the twenty first and the twenty third to the twenty seventh reports from the Committee of Public Accounts session 2010-11 written by Great Britain: H.M. Treasury and published by The Stationery Office. This book was released on 2011-05-16 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dated May 2011. The reports published as HC 651 (ISBN 9780215556232); HC 688 (ISBN 9780215556363); HC 721 (ISBN 9780215556424); HC 687 (ISBN 9780215556530); HC 667 (ISBN 9780215556646); HC 668 (ISBN 9780215556745); HC 741 (ISBN 9780215556851); HC 765 (ISBN 9780215556882)
Book Synopsis Lessons from PFI and other projects by : Great Britain: National Audit Office
Download or read book Lessons from PFI and other projects written by Great Britain: National Audit Office and published by The Stationery Office. This book was released on 2011-04-28 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lessons from the experience of using PFI can be applied to improve other forms of procurement and help Government achieve its aim of securing annual infrastructure delivery cost savings of £2 billion to £3 billion. To secure the best value for money from all types of procurement, the public sector needs to develop skills the NAO has identified. These are collecting better data to inform decision-making; ensuring projects have the right skills; establishing effective arrangements to test, challenge and, if necessary, stop projects; and using commercial awareness to obtain better deals. The case for using private finance in public procurement needs to be challenged more. Also, privately financed projects will often still be off balance-sheet which may continue to act as an incentive to use PFI. There has not been a systematic value for money evaluation of operational PFI projects by departments. So there is insufficient data to demonstrate whether the use of private finance has led to better or worse value for money than other forms of procurement. The Treasury and departments should identify alternative methods for delivering infrastructure and related facilities services to maximise value for money for government. The NAO welcomes the current plans of the Treasury and Cabinet Office to strengthen project assurance. The report highlights the need for independent challenge capable of stopping projects which do not give the prospect of value for money. This is particularly important as there is still a shortage of the skills needed to manage and oversee complex major projects.
Author :Great Britain: Parliament: House of Commons: Committee of Public Accounts Publisher :The Stationery Office ISBN 13 :9780215561848 Total Pages :44 pages Book Rating :4.5/5 (618 download)
Book Synopsis DfID financial management by : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Download or read book DfID financial management written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2011-10-20 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report examines the Department for International Development's financial management capability, its increasing focus on value for money, and the challenges it faces in managing its increasing programme budget while reducing its overall running costs. DFID is protected from overall expenditure reductions as the Government has committed to increasing the UK's aid spending to 0.7% of gross national income by 2013. The Department faces a substantial challenge to improve its financial management while reducing its administration costs by a third over the next four years. The Committee welcomes the planned introduction, in 2011, of a finance improvement plan. DFID must now keep up the focus on better financial management. There is concern that the Department does not quantify the likely level of leakage through fraud and corruption. And DFID is only considering fraud risk at the level of delivery method rather than at a country level. Management of fraud risk will require a stronger framework for ensuring money is properly spent on the ground, with effective monitoring and pro-active anti-fraud work. The likely increase in funding via multilateral organisations (which then determine how to distribute the aid worldwide) might not ensure value for money as DFID does not have the same visibility over the cost and performance of multilaterals' programmes as it does over its own bilateral programmes. Finally, the Committee is concerned that the Department still has insufficient data to make informed investment decisions based on value for money.
Author :Great Britain: Parliament: House of Commons: Committee of Public Accounts Publisher :The Stationery Office ISBN 13 :9780215043351 Total Pages :44 pages Book Rating :4.0/5 (433 download)
Book Synopsis Ministry of Justice financial management by : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Download or read book Ministry of Justice financial management written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2012-03-20 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Ministry has improved its financial management since the Committee's last report in January 2011 (HC 574, ISBN 9780215556042). Many of the Ministry's processes have improved, including modelling and forecasting, but the Ministry has not achieved significant improvements in the delivery of key financial outcomes and therefore has much still to do. The most serious issue is the Ministry's inability to report its financial affairs on a timely and accurate basis. The Ministry's own resource accounts for 2010-11 were delivered late and there were significant problems with the accounts produced by two of its major arm's length bodies, the Legal Services Commission and HM Courts Service's Trust Statement. The Ministry faces significant accounting challenges for the 2011-12 financial year, due to the required earlier publication of the accounts. The Ministry needs to break the cycle of continuing failure to produce accurate and timely accounts. It also faces considerable challenges in meeting its tough spending review commitments, but without a full understanding of its costs, the Ministry risks unnecessarily cutting frontline services, which are critical to the poorest in the community, rather than ensuring savings are achieved through genuine efficiencies. Maximising the income it obtains will help the Ministry and fine collection is improving, but it is being outpaced by the growth in fines outstanding. Excellent financial management is critical to the Ministry's future success as it seeks to achieve significant efficiency gains while coping with workload pressures, such as increases in the prison population, that are largely outside its control.
Author :Great Britain: Parliament: House of Commons: Committee of Public Accounts Publisher :The Stationery Office ISBN 13 :9780215559241 Total Pages :44 pages Book Rating :4.5/5 (592 download)
Book Synopsis Maintaining financial stability of UK banks by : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Download or read book Maintaining financial stability of UK banks written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2011-04-20 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report examines the progress on repaying taxpayer support and maintenance of financial stability following action taken in the 2007 crisis in the financial markets. Action included nationalisation, the purchase of a large number of shares in RBS and Lloyds, establishing sector-wide schemes to guarantee banks' debt-funding and protect their assets, and indemnifying the Bank of England against losses for providing temporary liquidity. The level of explicit support has gone down from nearly £1 trillion to £512 billion, and estimates of the size of the implicit subsidy vary - from as high as £100 billion to just below £10 billion in 2009 alone. The explicit subsidy includes the fees paid by banks for their use of the Credit Guarantee Scheme which, to date, have been at least £1 billion less than the benefit received by the banks. These subsidies enable private gains to be made at the expense of public risk, and some of these gains have been used to pay bonuses to staff and dividends to shareholders, rather than enhancing the financial sustainability of the sector. This causes the Committee and the wider public much concern. For the taxpayer to obtain value for money from exiting from the support depends heavily on a successful sale of the shares in RBS and Lloyds. The government shareholding is far greater than in previous share sales and will require extraordinarily careful handling to protect the taxpayers' interest. Regulatory and political uncertainty over the banking sector will remain until the Government has responded to the recommendations from the Independent Commission on Banking.
Author :Great Britain: Parliament: House of Commons: Committee of Public Accounts Publisher :The Stationery Office ISBN 13 :9780215559920 Total Pages :56 pages Book Rating :4.5/5 (599 download)
Book Synopsis Regulating financial stability in higher education by : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Download or read book Regulating financial stability in higher education written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2011-06-07 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last five years student numbers and income have grown annually by 2 per cent and 6 per cent respectively. As the sector has begun the transition to a new system of funding in which Funding Council grants to institutions will be replaced by higher tuition fees the Higher Education Funding Council's role in the allocation of funds & influence will diminish. The Department for Education will need to provide new powers for the Funding Council to regulate these institutions and the Funding Council must monitor risks as they emerge and respond quickly. All the indications are that more institutions will charge significantly higher fees than was anticipated by the Department. The Office for Fair Access has yet to agree the measures universities will adopt to widen participation where the proposed fees are above the £6000 level. However it is likely that a significant funding gap of hundreds of millions of pounds for the taxpayer will occur. The Funding Council also has a responsibility for promoting value for money, although it does not assess the value for money of institutions. In future, prospective students will need better information to make an informed choice about where they will study, including comparable information on the financial health of, and value for money provided by, individual institutions. The Funding Council does not normally publish the names of institutions it judges to be at financial risk, so as to protect them while they are in recovery. Now that students are required to make a substantial financial investment in their degree, the Funding Council needs to strike a suitable balance between the interests of institutions and those of prospective students
Author :Great Britain: Parliament: House of Commons: Committee of Public Accounts Publisher :The Stationery Office ISBN 13 :9780215559029 Total Pages :52 pages Book Rating :4.5/5 (59 download)
Book Synopsis Accountability for public money by : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Download or read book Accountability for public money written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2011-04-05 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Public Accounts Committee report addresses an issue at the core of the relationship between Parliament and government - accountability for public spending. The Committee is interested in the implications for accountability of two recent developments: the governance reforms which include Ministers chairing departmental boards and greater non-executive involvement in those boards; and the reform and localism proposals which envisage a significant devolution of responsibility for service delivery to a wide range of new bodies, in some cases independent of both central and local government. The reform and localism proposals raised fundamental points about the current model of accountability which the report explores. In practice government has long chosen to discharge accountability through the senior civil servant in each department, the Accounting Officer. Government vests in each Accounting Officer a direct and personal accountability to Parliament for his or her department's stewardship of public funds. While significant sums are spent locally, local taxes account for just 5% of revenue raised and so the overwhelming majority of public spending in the UK is routed through departments and is the responsibility of the departmental Accounting Officer. Parliament vests responsibility in the Public Accounts Committee to hold Accounting Officers accountable on its behalf. Sir Bob Kerslake has been appointed to review how the policy objectives of the reform and localism agenda might be reconciled with the current accountability model based on the Accounting Officer. The Committee sets out its fundamental elements for an effective accountability model.
Author :Great Britain: Parliament: House of Commons: Committee of Public Accounts Publisher :The Stationery Office ISBN 13 :9780215043740 Total Pages :82 pages Book Rating :4.0/5 (437 download)
Book Synopsis Accountability for public money - progress report by : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Download or read book Accountability for public money - progress report written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2012-04-17 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report is a follow-up to the Committee's report on Accountability for Public Money (HC 740, session 2010-11 (ISBN 9780215559029)) an issue at the core of the relationship between Parliament and government. Accounting Officers remain accountable to Parliament for funds voted to their departments but the policy intention is that local bodies will have significant discretion over the services they deliver. In the Government's response, 'Accountability: Adapting to Decentralisation', Sir Bob Kerslake drew a distinction between those services that government delivers directly and those that it may fund but are delivered in more decentralised arrangements. He proposed that Accounting Officers set out, in Accountability System Statements, the arrangements they have in place to provide assurance about the probity and value for money of funds spent through devolved systems. All departments are expected to produce Statements by summer 2012. Departments have made a genuine effort to develop arrangements which reconcile accountability and localism but the Statements so far are unwieldy and considerably more needs to be done to improve their clarity, consistency and completeness. There is concern that accountability frameworks must drive value for money and, critically, are sufficiently robust to address the operational or financial failure of service providers. Departments are placing increasing reliance on market mechanisms such as user choice to drive up performance and value for money, but there are limits to what these mechanisms can achieve. The Treasury needs to take ownership of the system and ensure that the Comptroller and Auditor General has the necessary powers and rights of access to examine the value for money of funds spent through devolved systems
Author :Great Britain: Parliament: House of Commons: Committee of Public Accounts Publisher :The Stationery Office ISBN 13 :9780215561152 Total Pages :44 pages Book Rating :4.5/5 (611 download)
Book Synopsis Getting value for money from the education of 16- to 18-year-olds by : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Download or read book Getting value for money from the education of 16- to 18-year-olds written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2011-08-16 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report examines the effectiveness and efficiency of the current education system for 16- to 18-year-olds. In 2009, over 1.6 million 16- to 18-year-olds participated in some form of education and training at a cost of over £6 billion. Most studied full-time for qualifications such as A levels or National Vocational Qualifications, at a general further education college, sixth form college or school sixth form. The system governing the education of 16- to 18-year-olds is devolved and complex. The Department for Education (the Department) has overall responsibility, and the Young People's Learning Agency funds education providers and monitors their performance. Local authorities have a duty to secure provision but they have limited powers, and having duties without powers cannot work effectively. There has been an overall improvement in the achievements of 16- to 18-year-olds over the last four years. Students in larger providers have generally achieved better results. Smaller providers, by collaborating, can achieve some of the benefits of size. In a market, consistently poor providers should fail because they lose funding as students choose to study elsewhere. For the 16 to 18 education market to work effectively, there needs to be consistent and relevant information so the Department can assess value for money and students can make informed judgements about their courses and what they lead to. Also, where a provider's performance is poor, there must be clarity about the criteria for intervention, and the timing and extent of intervention. Neither is fully in place at present.
Book Synopsis Planning Economic Infrastructure by : Great Britain: National Audit Office
Download or read book Planning Economic Infrastructure written by Great Britain: National Audit Office and published by The Stationery Office. This book was released on 2013-01-16 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Large-scale infrastructure projects, in sectors such as energy, rail, roads, water, waste, flood defences and digital communications, pose significant challenges. With limited funds available, the government is looking to private companies to wholly own and finance around 64 per cent of the £310 billion expected cost by 2015, with the burden of funding likely to shift towards the public as consumers rather than taxpayers. The first of the risks to achieving value for money is that forecasters might get wrong the need for infrastructure in the long term. Secondly, uncertainty over government policy might lead to deferment or abandonment of projects in the UK for opportunities elsewhere. Thirdly, there is the possibility of a failure to take into account the cumulative impact on consumers. Increasing the burden on consumers may increase the risk of financial hardship, or the need for unplanned taxpayer support. The full impact of spending on economic infrastructure in the years ahead is unclear. While there is information on individual sectors, no overall assessment has been undertaken by government. Taxpayers may be exposed to substantial losses as a result of government guarantees to bear some project risks should they materialize. The NAO has made a series of recommendations to help ensure value for money is achieved. It calls for the Treasury to work with departments and regulators to provide greater clarity for consumers regarding the financial impact of planned infrastructure investment. Where there are limits on affordability and availability of finance, the NAO notes that the Treasury and departments may need to refine their prioritization of infrastructure programmes and projects.
Author :Great Britain: Parliament: House of Commons: Committee of Public Accounts Publisher :The Stationery Office ISBN 13 :9780215038685 Total Pages :48 pages Book Rating :4.0/5 (386 download)
Book Synopsis Formula funding of local public services by : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Download or read book Formula funding of local public services written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2011-11-16 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report examines existing approaches to formula funding across government, and the principles that should be carried forward to new arrangements. Government departments distributed £152 billion, one-fifth of all government spending, to local public bodies in 2011-12 based on the three grants considered: Primary Care Trust Allocations; Dedicated Schools Grant; and the Department for Communities and Local Government's Formula Grant. These distribute funding to local public bodies in a range of sectors, including health, education, local government, police and fire and rescue services. The formula funding systems are complex, difficult to understand, and have led to inequitable allocations. For Dedicated Schools Grant, based mainly on historical spending patterns, per pupil funding for schools with similar characteristics can vary by as much as 40%. Under Formula Grant, nearly 20% of authorities received allocations which are more than 10% different from calculated needs. The priorities accorded to different elements of the formulae are judgements which have a direct impact on the distribution of funds. In some cases the basis for the judgement is guided by authoritative, published independent advice. In other cases, the basis for judgement lacks transparency, and external advice lacks status and influence. Only 4% of respondents to DCLG's consultation supported the current version of the model used to calculate Formula Grant. Some of the data used by departments in calculating relative needs is inaccurate and out of date. Current reviews of formula funding provide opportunities to address the weaknesses identified in this report.
Author :Great Britain: Parliament: House of Commons: Committee of Public Accounts Publisher :The Stationery Office ISBN 13 :9780215561664 Total Pages :52 pages Book Rating :4.5/5 (616 download)
Book Synopsis The Efficiency and Reform Group's role in improving public sector value for money by : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Download or read book The Efficiency and Reform Group's role in improving public sector value for money written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2011-10-11 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Efficiency and Reform Group (the Group) was established within the Cabinet Office in May 2010 to lead efforts to cut government spending by £6 billion in 2010-11. Its long term aim is to improve value for money across government by strengthening the central coordination of measures to improve efficiency. The imperative to make savings in the short term has involved the Group imposing new controls on departments, such as moratoria on certain expenditure. Sustained efficiency improvements, though, will need a much deeper change to both the culture and institutional structure of government. The Group also needs to clear up confusion over who is accountable for what in terms of improving value for money, especially in defining its responsibilities and those of the Treasury and individual departments. The Group's actions have resulted in efficiency savings of £3.75 billion across departments in 2010-11. It should continue to describe any future spending reductions accurately and explain any impact on services. The scale of the challenge to deliver efficiencies is huge: the Government intends that half of the £81 billion reduction in spending planned over the next three years should come from efficiencies rather than through cuts to services or delays to important projects. Many of the efficiencies must be achieved in areas where the Group currently has a limited influence, or by local bodies, where it has none. The Group should set out how it will operate to ensure that its approach can be replicated across the wider public sector.
Author :Great Britain: Parliament: House of Commons: Committee of Public Accounts Publisher :The Stationery Office ISBN 13 :9780215559760 Total Pages :44 pages Book Rating :4.5/5 (597 download)
Book Synopsis The Impact of the 2007-08 Changes to Public Service Pensions by : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Download or read book The Impact of the 2007-08 Changes to Public Service Pensions written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2011-05-26 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2007-08, new pension schemes were introduced for civil servants, NHS staff and teachers, designed to make public service pensions affordable. The changes are likely to reduce costs to taxpayers of the pension schemes by £67 billion over 50 years, with costs stabilising at around 1% of Gross Domestic Product (GDP) or 2% of public expenditure. The Committee is concerned that the Treasury did not test the potential impact of changes in some of the key assumptions underpinning the long-term cost projections. In addition, the Treasury has not tested whether reducing the value of pensions would affect the public sector's ability to recruit and retain high quality staff. Three-fifths of the savings to the taxpayer were expected to come from the cost sharing and capping mechanism - a transfer, from employers to employees, of extra costs that arise if pensioners live longer than previously expected. Employees would potentially pay 70% more for their pensions over the next 50 years if life expectancy continues to increase more than expected. Implementation remains on hold while the Government decides how to respond to the Independent Public Service Pensions Commission (the Hutton Commission). Public service employees do not have a clear understanding of the value of their pensions because they are not provided with clear and intelligible information to enable them to make rational decisions. Further changes to public service pensions are expected as Hutton's recommendations are implemented, but this should bring a period of stability and certainty for long-term public service pensions policy.
