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Local Government pension deficit ‘is £100bn’

The deficit in Local Government Pensions Scheme has doubled in the last three years and now stands at £100bn, according to an independent pensions consultant.

The BBC says the report by John Ralfe shows the funding gap is equivalent to around 7 per cent of GDP and has risen from £42bn three years ago.

The scheme has four million members in England, including over 1.5 million current workers.

Ralfe’s report says liabilities of the scheme have risen by 41 per cent to £232bn while the value of assets have risen by just 8 per cent to £132bn.

He says the official actuarial deficit the scheme will publish in the spring will be far lower because it is allowed to use more conservative valuation methods than private sector schemes.

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  1. Is that all! Another term in government and I could have doubled that with ease

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