It has been predicted that income tax could jump by as much as 5p in the pound in order to avert a crisis in the UK’s public pension system, a report revealed last week.
Watson Wyatt, the firm of actuaries, have claimed that the shortfall in the public sector pensions system amounts to some £580 billion or the equivalent of 5p on the standard rate of income tax, the Independent newspaper reported.
The estimate is apparently £200bn more than the Government has previously admitted, the report noted.
The Treasury has rejected the claim by Watson Wyatt, although the Independent has learned that the government is lining up cuts in pensions rights for thousands of public sector workers, including teachers and local government staff, to address the looming funding crisis.
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