Both schemes are paid into by both employer and employees, and are final salary schemes - a system that gives a retiring worker a pension not only based on the number of years they have paid into the scheme, but on the amount they are earning when they retire.

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The result, according to a study by PricewaterhouseCoopers, a consultancy, is that Britons retiring today will end up with a pension income 30% lower than those retiring three years ago.

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The former officers were awarded a lump sum on their pension after retiring before the age of 55.

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After retiring from the NYPD with a disability pension, Leonard started getting calls from people needing investigations and surveillance.

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Small savings will come from an old plan to replace only one in two retiring civil servants, and he says he will stop ministers claiming a salary and pension at the same time.

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In the past, I have almost always advised retiring public sector employees to resist the temptation to take their accumulated pension benefit in a lump sum.

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It has hit many people retiring in its aftermath, by reducing the value of the financial assets they use to buy a pension.

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