Friday, 13 April 2012

#QuackCWaC Council's £184 million pensions black hole

Earlier this year the Taxpayer's Alliance revealed that employer contributions to local government pensions, paid for by taxpayers, are equivalent to £1 for every £5 raised in Council Tax.

Despite that huge amount being paid into council pension funds, their new research out today shows that CWaC Council are still in deficit by a massive £184,912,000 equivalent to £565 for every single resident.

While the value of the funds' assets may rise, they are "severely underfunded" according to the OECD, facing a lasting black hole in their finances for which ultimately taxpayers are on the hook for.

My comment: A little remiss of #QuackCWaC Council not to mention this when they were telling residents how well they have done over the last three years. 

Read the full story from source Taxpayer's Alliance PDF download.

1 comment:

  1. I know of particularly dishonest individuals at strategic level, who were promoted through the top tiers with just months to go before retirement.

    Their "final salary pension" ensures that they are now spending their retirement on an unfair, bloated figure, put in place by senior management colleagues at the last minute. This was in keeping with the extra ££bonuses these individuals received as a reward for carrying through Single Status job evaluations, cuts which reduced some junior staff's wages by thousands of pounds.

    And it looks like this behaviour was indulged in during a time of deep deficit for the pension fund. The pot of OUR public money is obviously a failsafe, and a slush fund with this council, to be raided and dished out with a nod and a wink to those on message, the senior staff involved in immoral and compromising behaviour, protected by councillor friends.

    You certainly could NOT make this up.

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