...paid City fund managers for Local Authority Gold Plated staff pension funds. The overall cost of the fees would be the equivalent of adding £15 to every council tax bill in England and Wales.
// Councils are paying out hundreds of millions of pounds in fees to City fund managers to run gold plated pension funds for their staff, The Daily Telegraph can disclose.
In all £347million was paid out by the council pension funds to investment managers last year, up nearly 9 per cent on the £319million paid out in 2011..
The increase is more than double the increase in the value of the council pension funds, which went up by nearly 4 per cent to £158.6billion, raising questions about whether the taxpayer is getting value for money.
Tonight, Local Government secretary Eric Pickles welcomed the research and said it showed that councils should bring down the overall number of schemes to bring down the cost of the fees. //
http://www.telegraph.co.uk/news/politics/10082527/Councils-paying-hundreds-of-millions-to-City-fund-managers-for-staff-pension-funds.html
Do you think this money should be paid for out of the funds rather than by the Council Tax Payers?