Workers will have to work longer for less

HUNDREDS of Londonderry workers will have to work longer for lower pensions from as early as April 2014, if a new pension reform bill is passed at Stormont.

Local council workers will be the first workers to be affected next year. But from April 2015 local teachers, civil servants, health workers, firefighters and police will also be affected, although the latter two groups will still be able to retire at 60.

Finance Minister Sammy Wilson says a number of other groups may also be affected by the Public Service Pensions Bill.

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These include workers paying contributions to the North/South Pension Scheme; the Foyle Fisheries Commission Pension Scheme; the Northern Ireland Water Limited Pension Scheme; and the Ulster Supported Employment Limited Pension Scheme.

Amongst the provisions of the bill is that existing pensions schemes are replaced.

New schemes will provide pension benefits based on career average rather than final salary and individuals would have a normal pension age linked to their State Pension age (except for the schemes for the firefighters, police and armed forces, which would have a normal pension age of 60).