This story is completely nuts. Most Local Government Pension Schemes are in better shape now than there have been for decades. Many are close to being fully funded. I note that the Standard did not bother to check its facts or get an alternative view.
The lies and untruths told by some of the financial services industry about defined benefit pensions is simply shocking. The totally unnecessary destruction of defined benefit pensions in the private sector will go down as one of the greatest financial scandals there has ever been. Countless millions of Brits and their families have been deprived of any chance of a decent pension by this scandal and will have to retire and die in poverty or work until they drop. While their dependents and kids are left destitute if they die or become ill.
While Government, regulators and employers deserve their share of the blame, many financial advisers have made pots of money by closing schemes and then opening expensive new inferior Defined contributions schemes. Double bubble for few: misery for the many.
Check out the statement below from Cllr Forhad Hussain about the facts.