delete The Local Government Pension Scheme (Amendment) (No. 2) Regulations 2007
These Regulations amend the Local Government Pension Scheme Regulations 1997, making technical changes to pension calculation rules including: modifications to service counting around age 75, trivial commutation lump sum rules aligned with Finance Act 2004, changes to additional contribution election limits (50% of remuneration per employment), final pay period calculations, and various other membership and benefit provisions. The regulations apply to England and Wales.
This regulation perpetuates a defined-benefit public sector pension scheme that creates massive unfunded liabilities (£300bn+ across UK public sector), distorts the labour market by overcompensating public sector workers relative to private sector equivalents, and imposes binding employment terms via statute rather than contractual negotiation. The accumulated nature of defined benefit promises distorts government fiscal accounting and creates inter-generational inequity. Technical amendments like those to age-75 cutoffs, commutation rules, and election percentages merely refine a structurally problematic scheme. The proper function of government is to provide information and voluntary savings mechanisms, not to mandate one specific retirement savings structure that forecloses individual choice and creates taxpayer exposure to underfunding risk.