Reform UK would scrap defined benefit pension schemes for new council employees, according to Richard Tice MP, business, trade and energy spokesperson for the party.
Under its proposals, the party would also consolidate almost 100 council pension schemes into a single £500bn British Sovereign Wealth Fund.
According to Reform, the new fund would be required to allocate at least 25% of its investments to British companies and products and would generate £100bn of investments.
Jon Richards, assistant general secretary of the public service union Unison, told the BBC: ‘Forcing council staff on to inferior pensions would leave retired workers poorer and worsen an already severe recruitment crisis for local government.’
To learn more about Reform UK, check out: Reform UK: What Britain’s fastest rising party stands for and Reform UK’s ‘Doge’ witch-hunts will achieve little.
