Budget
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The government plans to merge the 86 council pension funds - which include £354bn in investments and are run by local government officials - into "megafunds" run by fund managers.The government plans to merge the 86 council pension funds - which include £354bn in investments and are run by local government officials - into "megafunds" run by fund managers. BBC article below:
Rachel Reeves in radical pension shake-up to boost growth
The chancellor wants to merge the UK's pension funds but critics worry about the impact on savers.www.bbc.co.uk
From the link you posted. Go look at pension laws and same for trustees. Here is a starter with links to more
Trustee guidance | The Pensions Regulator
The Pensions Regulator is the regulator of work-based pension schemes in the UK
www.thepensionsregulator.gov.uk
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Yep people without final salary/defined benefits pensions, paying money to provide the public sector with gold standard pensions.As far back as 2007 25% of council tax was used to pay pensions for Council workers, in 2015 there were warnings that would rise to over 30%.
Don't know what the figure is today but if council tax is required for pensions there must be a hell of a deficit in those pension funds.
https://www.thisismoney.co.uk/money/news/article-1611158/25-of-council-tax-spent-on-pensions.html
Third of council tax 'will be spent on staff pensions'
Despite recent efforts to reform pensions for local authority workers, by 2019 council taxpayers will see 34p of every pound they contribute paying pension bills, according to Chris West.www.thisismoney.co.uk
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What is the point you are trying to make?
Reeves seems to be saying that civil servants running small council pensions is bad and large pensions run by fund managers is good.
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But it doesn't seem to trouble you.
What do you call a person who manages a pension fund?
Clue:
Rearrange the following:
"Manager"
"Fund"
"A"
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Is what you claimed.
and I have provided you with the source to prove you are wrong... again.
Investment advice must be taken. No change if Reeves does what she intends.
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Wages have generally increased during the period of higher inflation. Public sector and min wage more recently.
So cost of living increases have at least been partially offset for all.
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It's relatively easy to look at a managed fund and find ways for it to earn more. It usually increases the risk profile.
In this case there wont be much accountability if the fund under performs dramatically tomorrow, having had profits taken today.
A pension fund will be paying out pensions. The ones she is looking at are not new.
Actuaries also figure in running them. The pension paid may have inflation increases built in but that is often clamped at some level. Or they might not. They also may include and initial cash payment when some one retires.
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got an email few months back asking if i wanted to apply to be trustee of the council pension scheme would imagine they sent it out to hundreds.
Amalgamating all those makes sense to me admin cost savings would be enormous
Amalgamating all those makes sense to me admin cost savings would be enormous
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