It does really make you wonder where it will end. I saw the latest DIB on this last night which said that they expect the new public pensions to be in place by 2015 but those for the Armed Forces may take somewhat longer. Thats the only good piece of news I could see.
This really does make me simmer - you sign on for a career, fully acknowledging the level of hassle, bullshit and grief you are likely to get, but you know your salary will be fairly decent (thats what the X factor is for), you know there are decent allowances and you are definately sold on the pension. As you progress through your career and you get older you might even start to develop a financial plan based on all of this, most sensible people will.
So now, you might be a mid seniority PO/CPO/Lt/Lt Cdr -
You are subject to a two year pay freeze
Your allowances have been substantially reduced
The cost of living is increasing
If you get promoted there is the spectre of a tax bill (not for all I accept)
You might HAVE to work longer to start getting your military pension
Your military pension will no longer be as healthy as you'd assumed because its now deliver pased upon CPI [which I was told yesterday but await details could mean some people (WO/LtCdr) lose out to the tune of £400k over their lifetime]
Your military pension (benefits accrued after the new system is delivered) will be substantially lower
It just gets better all the time; Noting the 2015+ timeframe for new pensions, I can just see those who aren't tempted by redundancy now and those who the system wants to retain eyeing that timeline because if you have any financial sense at all and you've completed over 16years (perhaps slightly higher) you'd be mad not to leave before the new pension systems take effect (assuming that they're actually not a positive thing).
This simply cannot be a good thing for the Forces and the Public Sector in general. Can I use my bus pass for the outrage bus or has that been withdrawn too?