The Pension Deficit – Outsourcing

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The Pension Deficit – Outsourcing

What is the total Pension Deficit?

2010 Valuation

The results of the valuation were as follows:

The London Borough of Barnet Pension Fund had a funding level of 76%, i.e. the assets amounted to 76% of the liability promises made as at that valuation date. This corresponded to a deficit of £189.6m at that time. It is important to note that the pension deficit affects all stakeholders in the LB Pension Fund, not just Barnet Council.

What is clear is that private contractors are being treated differently from YCB & Barnet Homes.

In order to explain here is a list of the One Barnet outsourcing projects. For each project there is a hyperlink to the relevant Pension Fund Committee report.

 

  1. Barnet Homes/Housing options 2012 15/03/2012 (not funded) paragraph 6.2
  2. Your Choice Barnet 2012 01/09/2011 not funded
  3. NSL Parking 2012 20/12/2011 fully funded paragraph 6.3
  4. CSG/NSCSO 2013 11/07/2013 not funded
  5. Re DRS 2013 09/09/2013 fully funded paragraph 6.4
  6. Harrow Legal 2013 13/06/2012 fully funded paragraph 9.7
  7. Brent Registrars 2014 18/03/2014 fully funded paragraph 6.2
  8. OCS CCTV 2014 18/03/2014 fully funded 7.2

 

To view full report please click here