Local council pensions have a total deficit of £54bn, equating to about £2,000 for every family in the country, according to research from the Taxpayers' Alliance.
The tax lobby group said its analysis of the 101 funds which make up the Local Government Pension Scheme (LGPS) said the combined deficit had increase £51bn from 2008-2009. It said the LGPS was "more generous that most private sector pensions" and was in urgent need of reform. Matthew Sinclair, director of the TaxPayers' Alliance, said: "The deficit in the Local Government Pension Scheme remains a ticking time bomb that's being left for future generations of taxpayers to deal with. With an ageing population and a crisis in the public finances, generous final salary schemes like the LG...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
