Magazine article Public Finance

Letters

Magazine article Public Finance

Letters

Article excerpt

Let the LGPS be like all the rest

On March 18,2005, the deputy prime minister announced that he would set up and chair a tripartite committee to review the Local Government Pension Scheme, with nothing ruled in or ruled out.

Perhaps it should be allowed to consider adopting the same financial framework for the LGPS as has been proposed forfirefighters and police officers and which is used by central government departments.

This would mean that the scheme would be funded out of general taxation, rather than through a specific fund.

This would enable local authorities to have pension contribution holidays for many years, offset by reductions in government grants to all of the statutory bodies in the LGPS. Councils would not have to use the council tax or the national nondomestic rates to fill any 'black holes'. Members' contributions and benefits would still be reviewed.

Local authorities would still invest and manage pension funds, but with the new incentive of a longer contribution holiday for better-than-average investment performance over the long term. …

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