Auditors could issue a qualified opinion on Plymouth City Council’s accounts after questioning its methods to pay off a multi-million pound pension deficit.
The council used the Public Works Loan Board to buy £70m of shares in a specifically-designed company in 2019, which then used the funds to reduce the pension fund deficit, saving money in the long run.
Plymouth's 2019-20 and subsequent years’ accounts have been held up as the council and external auditor Grant Thornton have both taken legal advice over the move.
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