Scotland's largest local government pension fund, which includes 12 councils in the former Strathclyde region, has reported 'strong' results.
Councils including Glasgow’s are set to receive a multi-million pound boost after it was agreed pension contributions can be cut.
The largest employers, which includes the 12 councils in the former Strathclyde region, have been contributing 19.3% of the value of their payroll but that will drop to 6.5% over the next two years — freeing up millions of pounds. “The flexibility to reduce those contributions while maintaining a prudent, low-risk approach to paying pensions could support them, their workforce and those that rely on their services.”
Experts then calculated a ratio to express the level to which current and future pensions are funded. It is now at 147%, up from 106% in 2020. That will be lowered to 6.5% for the next two financial years, before rising to 17.5% in the third year. It proposed reverting to “a sustainable long-term rate in the final year ”. “This should ensure that employers factor a realistic long-term cost into future budgets.”
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