Council pensions funds in trouble?

Local resident, Andrew Gambier has done a sterling piece of analysis on the latest review of the Coucncil pensions on his blog. He notes that,

The improvement of net position of £34 million is actually a £16 million worsening, masked by a £50 million 'improvement' resulting from changes in accounting estimates. So they've reduced the discount rate of liabilities, assumed that assets will return a bit more than last year and, Bob's your uncle, they've created £50 million out of nowhere.

Smelly accounting practices? Surely shome mishtake? Who will pay for the hidden £16m worsening we wonder? Could it be us?