Council’s Pension Deficit Published In National Study

The Town Hall

The Taxpayers’ Alliance claims that our Council has one of the higher pension deficits per resident in the Country.

The watchdog says 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 a gaping pensions deficit for which taxpayers are ultimately liable.

They say that the Local Government Pension Scheme 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 in their view.

Their figures, released today, show the estimated amount of pension liabilities of our Town Hall to be £12.2m.

The Council’s assets are said to be £9.8m and that creates a £2.4m deficit or £1128 per resident.

Cornwall’s Council’s pension deficit is estimated to be £580 per resident.

The authority with the highest deficit is Merthyr Tydfil in South Wales, with £2,268 per resident. Chichester in West Sussex and the Greater London Authority were joint bottom of the table with a deficit of £3 per person.

 



2 Responses to Council’s Pension Deficit Published In National Study

  1. Paretofp April 17, 2012 at 1:19 pm

    Final salary schemes are misguided as after retirement living costs should decrease, i.e. travel costs should no longer be applicable.

  2. Peter April 13, 2012 at 11:24 am

    Just makes you wonder does it not.? When you look at “needs ” “numbers” and “balances”