Camden’s pension scheme for its employees is unsustainable
Thursday, 23rd March 2017
• THE March Camden magazine includes a pie chart showing how Camden spends its money.
Pensions to council employees are shown as costing £15.7million: this is wildly different from both Camden’s annual SF3 pensions submission to the Department for Communities and Local Government, and its annual financial report. These both reveal that for 2015-16 employers contributed £44.3million to pensions, ultimately funded by local taxpayers.
As a taxpayer, I would like to be able to scrutinise how the borough spends its income. That includes pensions.
To be clear, council employees will enjoy, through their defined benefit pensions, certainty of income until the day they die.
This is paid for by residents who, by and large, will not enjoy such certainty; they will have to survive on defined contribution-based pensions.
Camden’s diminishing ability to meet the demand for social care is no coincidence. It is time that councillors recognise the pension scheme is unsustainable.
MICHAEL JOHNSON, NW5