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SOUTHWARK IN WORRY OVER PENSION FUND

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Southwark LBC's Unison branch is in a panic because the council's pension fund is underfunded by£57 million. ...
Southwark LBC's Unison branch is in a panic because the council's pension fund is underfunded by£57 million.

The union has written to deputy prime minister John Prescott demanding an independent inquiry.

Branch secretary Denyse Whillier said: 'We have received a large number of inquiries from serving and retired members who are seeking assurances that their pension is in safe hands.'

But Southwark pointed out that, as a statutory scheme, all council pensions were safe. It said the council's efforts to reduce the deficit had been hit hard by the abolition of ACT tax credits.
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