Magazine article Public Finance

Individual Talks Could Stave off Rise in Pension Costs

Magazine article Public Finance

Individual Talks Could Stave off Rise in Pension Costs

Article excerpt

The chief executive of one of the biggest local government pension schemes has told Public Finance that he hopes to avoid passing the planned increase in contributions on to employees in full.

Mike Taylor, the chief executive of the London Pensions Fund Authority, said that the government's announcement on July 18 that scheme by scheme negotiations on public-sector pension reform would begin was 'good news'.

The government has said that negotiations, due to conclude at the end of October, will examine how to make scheme savings of £1.2bn in 2012/13, £2.3bn in 2013/14 and £2.8bn in 2014/15. This is expected to lead to a 3.2 percentage point increase in employee contributions if the savings are not found.

Taylor told PF that the move to individual negotiations recognised that the local government pension scheme was different from others as it is funded with assets of £ 140bn. …

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