Council face pensions crisis

Sep 29 2003 by Brian Amble Print This Article

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