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'PUBLIC SECTOR PENSIONS ARE SAFE'

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Christopher Leslie, junior local government minister in the office of the deputy prime minister, wrote to the edito...
Christopher Leslie, junior local government minister in the office of the deputy prime minister, wrote to the editor of The Sunday Telegraph (p26), commenting on a feature in last week's issue of the newspaper. He wrote:

'Contrary to you article, 'Public sector pensions hit by shortfalls', there is no crisis in funding the local government pension scheme (LGPS).

'The regulations governing the LGPS require each fund's actuary to ensure that all liabilities can be met and that employers contribute a rate that ensures each fund's ongoing solvency. The 2001 actuarial valuations of LGPS funds in England and Wales confirm full compliance with this requirement.

'Furthermore, there is more than adequate monitoring in place to ensure that this is the case. Each local authority pension fund within the LGPS is actuarially valued every three years. The results are considered by the office of the deputy prime minister and the government actuary's department. In addition, many authorities chose to conduct annual actuarial reviews of their assets and liabilities'.
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