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)