Year’s council tax required to plug LGPS contribution gap

A soaring deficit in the UK's Local Government Pension Scheme (LGPS) will require an increase in employer contributions equivalent to a year's entire council tax receipts – £23.6 billion, according to documents obtained in response to a freedom of information (FoI) request submitted by Life & Pensions magazine.

The LGPS covers local government pension funds in England and Wales. According to a report by the Government Actuary's Department (GAD), which reviewed the actuarial assumptions used to