Spending Review highlighs pension fund overheads

摘要

As Treasury ministers dig down Whitehall sofas to find extra cash to meet the ￡u.5bn cuts earmarked in this month's Spending Review, attention has focused on the cost of running the ￡180bn local government pension scheme (LGPS) in England and Wales. The stakes are high. Supporters of streamlined funding argue that as much as ￡750m a year could be saved by reducing to five regional pooled funds for England and Wales. In London, the savings by having a single pooled fund could be ￡130m a year, or spread among the current 34 funds, almost ￡4m each annually.