England’s largest council will take at least 22 years to plug its deficit with the £10bn West Midlands Pension Fund.
Birmingham City Council’s pension deficit, along with that of many other local authorities, has grown over the last few years, primarily due to lower than expected investment returns in the current economic climate.
The council has accepted that its deficit will need to be addressed through ‘additional lump sum contributions’ in the long-term.
Birmingham has now provisionally agreed a payment profile with the West Midlands fund for the next three years.
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