Pen­sion fund­ing

The Sunday Telegraph - - Letters to the editor -

SIR – Bill Parish (Let­ters, Oc­to­ber 7) will be pleased to know that his lo­cal au­thor­ity, the Lon­don Bor­ough of Brom­ley, cur­rently has a fully funded Lo­cal Govern­ment Pen­sion Scheme. This com­pares favourably with many Labour au­thor­i­ties, which are way short of full fund­ing, bur­den­ing their lo­cal tax­pay­ers.

Worse, as a lo­cal au­thor­ity we are be­ing forced by cen­tral Govern­ment to join forces with those un­der-funded coun­cils, in a scheme (Lon­don Col­lec­tive In­vest­ment Ve­hi­cle) that was crit­i­cised in an in­de­pen­dent au­dit as be­ing po­lit­i­cal rather than be­ing run in the in­ter­ests of the ben­e­fi­cia­ries.

This scheme will cost our lo­cal tax­pay­ers mil­lions, with no ap­par­ent ben­e­fits un­til around 25 years down the line at the ear­li­est. The aim is to save on fees, but from a pen­sions point of view it is real mone­tary re­turns that drive our in­vest­ment de­ci­sions, so per­haps Mr Parish should be wor­ried af­ter all.

Cllr Si­mon Fawthrop (Con)

Brom­ley, Kent

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