Axa calls for action over public pension funding

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Axa calls for action over public pension funding

Paul McMahon, managing director of the group's Corporate Benefits branch, said that although there has been an acknowledgement of the fact something needs to be done, so far too little debate has focused on an "affordable solution".

He added: "Like anybody else, public sector workers deserve good pension provision; the question is one of the rising costs to the public purse."

Mr McMahon suggested that defined contribution plans would remedy the problem of cost to the public worker by adopting the model currently used in the private sector.

Research undertaken by the insurance company found 61 per cent of private workers felt it was unfair that they would receive less of a pension than those working in the public sector.

Safe Home Income Plans recently found a discrepancy between what people expect to save and what their lifestyle will be in retirement.

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