The LGPS – unlike other ‘pay as you go’ public sector pension schemes – is a funded scheme
In 2008, the combined value of the assets of the 101 funds was £143bn – yes billion
That makes it: equivalent to around 10% of the UK’s GDP…
…Or the fourth largest pension scheme in the world, if you prefer
For more antidotes to Taxpayers’ Alliance hysteria go to:
http://opinion.publicfinance.co.uk/2010/03/chelsea-pensioners-by-heather-wakefield/