UK councils say government ‘can’t have it both ways’ on pension reform

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Financial Times 14h ago

UK councils say government ‘can’t have it both ways’ on pension reform - Financial Times

Quick Summary:

Concerns among some councillors have risen after Torsten Bell, a vocal supporter of local government pension scheme reform, was appointed as pensions minister this week.

The government has not gone this far, instead proposing that local councils hand over the management of all £392bn of their combined assets to one of eight pools — or so-called megafunds — by March 2026.

Nick Chard, vice-chair of Kent County Council’s Pension Fund Committee, which administers a fund with assets of £8.1bn said policymakers “can’t have it both ways”.“If the government wants to tell us how to do things then they have to underwrite any consequences which are potentially increased pension contributions,” he said.