£54bn Council Pensions Black Hole
In the face of union pressure local authorities and other public sector organisations have been reluctant to accept the need for necessary pension reforms.
But the TaxPayers’ Alliance can reveal that the pension assets held by each local authority in the UK are dwarfed by the size of their liabilities – this means that there is gaping pensions deficit of £54 billion, for which taxpayers are ultimately liable. Local government pensions are more sustainable than other public sector schemes, which are unfunded.
However, the Local Government Pension Scheme (LGPS) is much more generous than most private sector provision, and places a heavy burden on local taxpayers. With an ageing population and a crisis in the public finances, generous final salary schemes are inflexible and too expensive.
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