Friday, August 17, 2007

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?

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1 Comments:

Anonymous Indigo said...

How can they have worsened - they were invested in Halliburton (people-traffickers, no-bid contractors building crap stuff in Iraq). The value of Halliburton stock has more than tripled since the illegal invasion of Iraq, all on the back of making life even more miserable for Iraqis. Halliburton's CEO's stock holding increased in value by more than 78 million US dollars since 2003.

7:16 pm  

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