Should Reform UK scrap defined benefit pensions for new public sector workers?

Reform UK proposes replacing defined benefit pensions, which guarantee retirement income, with defined contribution schemes for public sector workers joining after 2030. This aims to align public pensions with private sector norms amid rising costs and life expectancy. Policy Exchange analysis forecasts initial extra costs of £1.1bn rising to £3.4bn in six years, but savings of £6.1bn after 20 years and up to £40bn after 50 years.