Friday, August 25, 2006

Who needs a decent pension?

Back in July there was a little bit of furore in the local press and on this site about the Council's pension fund managers and their decision to invest in arms dealers. This said though, one of our readers has pointed out to us some worrying differences between this financial year and the last.

According to the documents produced for the Council's Summary of Statement of Accounts 2005/06, the pensions deficit for the Council is £279,792,000, compared to £282,411,000 the previous year.

Yes yes, we realise that implies it's actually got better to the value of £2.9m. However, compared to the 22% rise in the FTSE-100 over the same year it's rather pitiful really. We hope Council employees will raise the concern that the liability in their pension schemes is being outstripped by the rise in the market by an order of magnitude.


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