The pensions battle rages on

An “enhanced offer” is how Treasury types are describing the revised pensions package that will be put before union bosses today — and so it is. As far as we can tell, concessions have been made in three areas: i) the changes to public sector pensions will be spread across seven years, rather than five; ii) the accrual rate, which determines how much of a workers’ salary is notionally set aside for their pension each year, will be made more generous; and iii) the “cost ceiling,” which sets a cap on long-term taxpayer contributions, will be raised for various schemes. There could be more on offer, too.

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But all that, sadly, is unlikely to cool the quickening flames of industrial action. After all, the broad elements of the government’s pensions package remain in place: career average schemes, greater worker contributions, CPI uprating, and all that.