Council refusing £65m payment for 'wasteful' pension fund

Council refusing £65m payment for 'wasteful' pension fund
 

Birmingham City Council is on collision course with its own staff pension fund in a bid to save £65 million and plough the money into front line services.
The council has already spent £42 million topping up the West Midlands Pension Fund this year, on top of its regular contributions through the staff payroll.
Now the council’s Labour leader John Clancy is refusing to pay next year’s top up and use £65 million instead to protect services from further Government funding cuts due in 2017/18.
The fund has assets of £11.5 billion but is asking the seven West Midlands councils to plough in more... read more

 
19 October 2016 in Regional West, Views: 47
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