UK Pensions - Local government scheme adds to state pensions woe

News

The Local Government Pension Scheme, the state guaranteed fund for council employees, has slipped to a 55% deficit funding level, raising fears that tax-payer money will have to be used to shore up the retirement of the fund's 3.6 million members, according to a report by independent consultant John Ralfe.

Based on the last official financial reporting standard (FRS) figures in March 2007, the report projects that in the last year the scheme's liabilities have grown to £175 billion from £165 bil

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