Council face pensions crisis


Local councils in the UK face huge deficits in their staff pension schemes and could be forced to raise local taxes to compensate, according to a report in the Times.

"The last pension scheme valuations, in 2001, revealed a total deficit of £10 billion. This is expected to rise to £30 billion next year — nearly double the £17.8 billion income expected from council tax — because of falls in the stock market."

The Times | Council staff face pension costs rise