Posts Tagged ‘Southwark’

Harrow council’s pension fund deficit has risen by more than £80 million in the last year, new figures show.

The shortfall in the borough’s pension pot rose from £108.4 million in 2008 to £189.6 million in 2009.

This comes as it emerged that London’s overall pension deficit had skyrocketed to. £10.23 billion. In 2008 this stood at £7.63 billion.

There are fears across London that councils are not putting aside enough money to secure the retirements of workers.

With Britain looking at an increasingly ageing population, the pension shortfall will become even more of a problem.

Although sizeable, Harrow’s deficit was by no means the worst in th capital. Since 2008, Southwark, which lies at the other end of the Jubilee line, has seen its deficit more than double to £450.3 million.

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