High flyers team up on pensions
Date: Wednesday 18th July 2012
Two of the best performing and most cost effective pension schemes in local government are proposing to join forces to offer taxpayers an even better deal.
Camden and Wandsworth councils are working towards creating a new shared pensions administration service – saving £50,000 per year.
The two authorities are already the two most cost effective Local Government Pension Scheme administrators in London with unit costs of administration per scheme member being around half of the London average.
Both authorities place high worth on the accurate calculation of pension benefits and the liabilities that result. This new shared service will guarantee a focus on accurate pension liabilities calculated and administered at low cost.
Although some details have yet to be finalised and staff are being consulted, elected members from both town halls have agreed in principle to the new shared service arrangements, which are expected to come into effect in September 2012.
Cllr Theo Blackwell, Camden’s Cabinet Member for Finance, said:
“This is another good example of how we are finding ways to streamline and improve our internal processes, saving money and helping to protect funding for front-line services.
“We will continue to pursue such opportunities in the future, finding further internal efficiency savings for Camden’s Council tax-payers.”
Wandsworth’s executive member for corporate resources Cllr Guy Senior said: “This landmark agreement between the two authorities is expected to deliver savings of around £50,000 a year.
“We strongly believe that this partnership will deliver better performance and even greater savings in the years ahead. This is very good news for council tax payers in both boroughs.”
Page last updated Jul 18, 2012 12:01 PM