Jonathan Werran 19 May 2015

Clark urged to tackle £47bn local government pension deficit

Clark urged to tackle £47bn local government pension deficit image

The £47bn deficit in the local government pension scheme (LGPS) should be a top priority for new communities minister, Greg Clark, experts area advising.

A survey conducted by the National Association of Pension Funds (NAPF) found more than a third of LGPS fund members (35%) said the incoming communities secretary should focus on tackling spiralling deficits.

Around three-quarters (72%) of those polled thought their funding position would improve or flatline compared to 2013, while more than one-fifth (22%) thought their overall funding level would deteriorate.

Speaking at the NAPF annual conference, chief executive Joanne Segars said managing the £47bn deficit would be the ‘defining issue’ for the LGPS over the coming years.

Ms Segars said: ‘The LGPS is a great scheme, but we know there is room for improvement.’

She also announced plans to publish a NAPF guide to LGPS governance and extend the existing NAPF training offer to support LGPS members – including those on new pensions boards.

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