Friday 5 March 2010

Local Government pensions - Taxpayers Alliance lie machine at work again

The "Taxpayers" Alliance, the right-wing ginger group of rentaquotes so beloved by the tabloids (and occasionally the gullible BBC), has been at it again on the Local Government Pension Scheme. It is making apocalyptic claims about a "black hole" in the LGPS......but it bases this on a straight comparison of assets against liabilities. Under this "formula" the only way there is a black hole is if everyone in the scheme retires at once - tomorrow.

In actual fact the LGPS is well able to cover its liabilities year-on-year. In 2008-09 the scheme paid out £5.6 billion in benefits and had an income of £10.2 billion.

What the right-wing ideologues at the TPA can't stomach is the success of the LGPS. Their real aganda is the dismantling of employer pension schemes - our schemes - funded by us with our contributions - our deferred wages.

HANDS OFF!

No comments: