Councillor Questions Jump In Pensions

town hall 4 copyThe Vice Chairman of the Council’s new finance committee has questioned the large jump in the Authority’s pension liabilities.

Cllr Richard McCarthy told members of last week’s Finance, Audit and Scrutiny meeting that the sum required to meet the Council’s future pension needs is now £9.9m, following a reassessment of the funding position by financial experts.

It’s £3.3m higher than at the start of 2014. That’s a rise of almost 50% in a year, said Richard.

Cllr McCarthy said he appreciated that the experts will make this balance over time so it won’t be a drain on resources, but he reminded members that the Authority still expected to pay around £615,000 in pension contributions this year.

The Council’s 2014/15 accounts, reviewed at the meeting, show that the pension contributions for their most senior staff members has almost tripled since 2013.

That bill rose from £32,000 to £86,000 last year, although there was no explanation given for this.

But Richard praised the Authority for managing to reduce the overall wage bill of senior staff from £520,000 in 2013 to £495,000 last year.

The accounts also reveal that eight employees were offered redundancy packages from the Council during 2014, costing a total of £119,000.

2 Responses to Councillor Questions Jump In Pensions

  1. Linguine July 22, 2015 at 12:23 am

    Pensions are directly correlated to salaries, lots of chiefs now so the only way is up. Anyway who would begrudge them their due they are all doing such a splendid job, that is apart from the very minor overspend or two and some looming HR niggles.
    You could ask the chairman about the 3X increase but it would be pointless as she will not have retained the amounts, why would she, she’s a linguist for goodness sake.
    No wonder she has recently lost one overboard I suspect he scanned the horizon and realised that it was time he left the bridge.

  2. Todd Stevens July 21, 2015 at 11:09 pm

    All but 10 million? Really? Multiply that up and down the country. No wonder the country’s nearly broke.