LOCAL GOVERNMENT PENSIONS IN ENGLAND: AN INFORMATION PAPER pdf

Local government pensions in England An information paper July 2010 The Audit Commission is an independent watchdog, driving economy, eficiency and effectiveness in local public services to deliver better outcomes for everyone Our work across local government, health, housing, community safety and ire and rescue services means that we have a unique perspective We promote value for money for taxpayers, auditing the £200 billion spent by 11,000 local public bodies As a force for improvement, we work in partnership to assess local public services and make practical recommendations for promoting a better quality of life for local people Contents Summary Introduction The Local Government Pension Scheme Affordability and fairness 12 Affordability to taxpayers 12 Fairness for LGPS members on different levels of income 14 Fairness between different generations of employees 14 Fairness in comparison with private sector schemes 15 Fairness in comparison with other public pension schemes 15 Assessing the inancial health of LGPS funds 17 Cashlow 18 Funding levels 20 Can funds return to full funding within the planned recovery period? 25 The overall cost of providing pensions 26 Is there a consensus for change? 27 Choices 29 Change the beneit package 29 Allow more local lexibility 30 Encourage funds to seek higher returns 31 Combine funds 31 Contents >> Audit Commission Local government pensions in England