Thomas Bridge 02 May 2014

Pension reforms could save councils £660m a year says Lewis

Planned reforms to management of the Local Government Pension Scheme (LGPS) could save town halls £660m a year, the Government has said.

Local government minister Brandon Lewis has unveiled proposals to reduce investment management overheads and achieve a higher level of accountability through the wider availability of transparent data.

Following a public call for evidence into the structure of the LGPS, Lewis has now opened consultation on plans for a move to passive management of bonds and shares accessed through a common investment vehicle.

The Government expects such a move would save £230m annually by cutting investment fees and a further £190m on transaction costs.

Proposals also include the use of a common investment vehicle to invest in alternative assets, which could save £240m a year.

‘Under the last administration, the cost of town hall pensions almost quadrupled to nearly £6bn, diverting taxpayers’ money from emptying bins, cleaning the streets and keeping council tax down,’ Lewis said.

‘This Government is taking action to reduce the massive and unsustainable cost of state sector pensions.

‘For the first year in recent memory, the cost of town hall pensions to taxpayers is now falling,’ he added.

Consultation on the plans will be open for the next 10 weeks.

SIGN UP
For your free daily news bulletin
Highways jobs

Highly Specialist Clinical Psychologist

Oxfordshire County Council
£62215 - £72293
How about joining The Clinical Team at Oxfordshire County Council in our new Community Family Clinic initiative? Oxford
Recuriter: Oxfordshire County Council

Traffic Management Officer - WMF2114e

Westmorland and Furness Council
£37,035 - £37,938
Are you an experienced and motivated professional looking to take the next step in your traffic management career? Cumbria / Various
Recuriter: Westmorland and Furness Council

Peripatetic Support Assistant

Wakefield Council
£16,415.00 - £16,675.23 Grade 4, 24.5 hours, Permanent
Are you caring, compassionate, and friendly? Wakefield, West Yorkshire
Recuriter: Wakefield Council

Peripatetic Support Assistant

Wakefield Council
£14,070.00 - £14,293.05 Grade 4, 21 hours, Permanent
Are you caring, compassionate, and friendly? Wakefield, West Yorkshire
Recuriter: Wakefield Council

Recruitment Support Officer

Durham County Council
£25,584 to £27,711 p.a. (Grade 5) pay award pending
We are looking for a Recruitment Support Officer to join our team on a temporary basis until 31 March 2026. In this role, you will provide a comprehe Spennymoor
Recuriter: Durham County Council
Linkedin Banner