Councillor Questions Jump In Pensions
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.