Waltham Forest Council
The Pension Debacle |
|
And remember, where you have a concentration of power in a few hands,
all too frequently men with the mentality of gangsters get control - Lord Acton |
|
| |
 FTSE 100 firms' pension deficit soars, says LCP
16 August 2016
read ...
The combined pension funds deficit for companies in the FTSE 100 has seen huge increases in the past year, according to pensions expert LCP.
LCP, in its annual report on the pensions market, said that by the end of July, the deficit was an estimated £46bn, as against £25bn a year earlier.
And this month, the deficit has widened further to £63bn, LCP told the BBC. |
 BHS: Sir Philip Green vows to resolve pensions 'mess'
15 June 2016
read ...
Former BHS owner Sir Philip Green has vowed to sort out the pensions "mess" that followed the collapse of the retailer last month.
The billionaire told MPs that his advisers were working on a "resolvable and sortable" solution for 20,000 members of the BHS scheme.!
The pension scheme, which has more than 20,000 members, is now in the Pension Protection Fund, meaning that members will receive less money than they had expected.
But he said he was working on a plan for the pension scheme, which was in surplus when he bought BHS but now has a £571m deficit. "We want to find a solution for the 20,000 pensioners
Sir Philip told MPs the new plan, being drawn up by Deloitte, would offer BHS pensioners a "better outcome" than compensation available from the Pension Protection Fund, a lifeboat scheme that helps finance pensions when companies go bust |
 Sir Shifty vs Cap'n Bob: After the disgraced BHS tycoon is compared to Robert Maxwell, just how similar are the two (very) fat cats?
28 July 2016
read ...
Sir Philip Green is in hot water over shortfalls in BHS's pension funds
Ex-BHS boss has been compared with the late fraudster Robert Maxwell
Maxwell took £440m from Daily Mirror pension fund before dying in 1991
Green is threatening to sue MP Frank Field for making the comparison
|
| |
Waltham Forest pension deficit |
 Warning: taxpayers may be forced to bail out councils such as Waltham Forest due to 'weak' pension funds.
19 December 2014
read ...
The Centre for Policy Studies has highlighted the authority is in danger of being unable to meet its liabilities, raising the possibility of a bail-out by taxpayers.
Michael Johnson, Centre for Policy studies: “Indeed, some funds may already be beyond the point of no return. This is partly the result of dismally incompetent governance.” |
 In March 2011, in response to questions , Martin Esom, Council's Chief Executive said:
"In terms of the financial statements of what happened to the CLaSS teachers' pensions in 2004, we have taken legal advice and the Council cannot disclose this information to you. The statements are confidential and will contain personal data within the meaning of the Data Protection Act 1998 and it would not be in accordance with the data principles under the Act to disclose this information to you. Further, this would exempt disclosure under section 40 of the Freedom of Information Act 2000." |
 'Abusers Charter' published in Waltham Forest
July 2014
read ...
As Corporate Parents, Councillors decide that Disclosure and Barring Service (DBS) checks on them would breach the Data Protection Act 1998.
|
 DBS Checks for
Councillors
17 July 2014
read ...
3.1.The legal framework for criminal records checks seeks to balance two competing but legitimate interests: the rehabilitation of offenders and the safeguarding of children and vulnerable adults. The law is also very complex and controversial, as the decision where balance between safeguarding and individual privacy and freedoms is a matter of political and public debate |
|
Eduaction and Oxford County Council |
| EduAction, Nord Anglia and Amey |
In 2001 Waltham Forest Education was a mess.
An Ofsted inspection listed five failings, including not doing enough to raise standards in secondary schools, and not giving sufficient help to schools with behaviour problems. Former Ofsted chief Chris Woodhead claimed that Waltham Forest Education had a "culture of failure and hopelessness." Ministers made it clear that they would use their power to take over the authority's functions if the private sector was not called in. more.. |
From 2001
EduAction, a joint venture between Nord Anglia, Amey and Waltham Forest Council, was managing education and teachers' pensions in the borough. Oxfordshire Local Education Authority provided advice to the partnership.
2001 BBC report ...
|
May 2001
Citywire reported shares in Amey were up 4p at 426p, while Nord Anglia surged 21p to 256p. A jump in underlying profits and news of a contract win boosted shares in Nord Anglia Education.
Citywire report ... |
2005
Cabinet Member for Lifelong Learning, Cllr Chris Robbins, said: 'In two years Waltham Forest has moved from being an education authority judged by OfSTED as 'unsatisfactory' to one that in early 2005 was found to be highly satisfactory. EduAction has played a vital role in this rapid and sustainable improvement.'
NordAnglia Education news ...
2005 results ... |
On 3 December 2009
An Independent External Panel censured Waltham Forest Council for serious widespread financial mismanagement.
The report consisted of 10 sections and protects the anonymity of councillors, officers and others by deleting (redacting) those parts of the report which identified individuals.
The contents of the EduAction audit report are strictly confidential and were circulated only to Cabinet members and other key officers.
2009 Waltham Forest Council report...
|
On 31 March 2011
EduAction agreed to pay council an undisclosed sum.
The figure has been withheld on the grounds of commercial confidentiality. Both parties will pay their own legal costs.
The agreement means that neither EduAction or the council accepts liability or wrongdoing.
They have also agreed to “co-operate, consult and work with each other” in a defence against a claim being made by an undisclosed person.
June 2011, Waltham Forest Guardian report ... |
 |
Top |
|
| |
Waltham Forest Council and Teachers' Pensions |
 On 21 January 2004, in response to questions about CLaSS TPF problems, Dr Maureen Green, Head of Community Learning and Skills Service said,
"The problem as far as I understand it is that LBWF have been very late in trans. pension payments over to the TPF."
In March 2011, in response to questions , Martin Esom, Council's Chief Executive wrote,
"In terms of the financial statements of what happened to the CLaSS teachers' pensions in 2004, we have taken legal advice and the Council cannot disclose this information to you. The statements are confidential and will contain personal data within the meaning of the Data Protection Act 1998 and it would not be in accordance with the data principles under the Act to disclose this information to you. Further, this would exempt disclosure under section 40 of the Freedom of Information Act 2000."
Unanswered questions
 On 23 May 2011, at a meeting with Martin Esom, Althea Loderick, the Head of Human Resources, and three Labour Councillors, they were asked:
"What happened to CLaSS teachers pension money in 2004,"
Further questions put to council's senior officers, were:
"Was Council or any CLaSS or Council Officer holding shares in Nord Anglia or Amey between 2001 and 2006?"
Were any CLaSS or council staff salaries paid from the pension payments of other teachers?
The questions were not answered.
more ... |
|
Top |
|
| |
Waltham Forest Council and the Local Government Pension Fund
|
 LBWF Pension Fund actuarial valuation
as at 31 March 2010
read full report ....
The Fund showed a deficit of £317.6m at the valuation date This measure compares the Fund’s assets with the value of the past service benefits at 31 March 2010. It
represents a funding level of 60% relative to the Fund’s funding target.
If the actuarial assumptions were to be based purely on the returns available on
conventional and index-linked gilts (a so-called “least risk” basis) the deficiency
would have increased to £560m. |
The real question is whether the fund has been run efficiently, and made the gains, when the market was rising, that it should have done.
And on that, at present, the jury is out.
The basic facts about the recent performance of the LBWF pension fund
are as follows:
| March |
2001 |
2002 |
2003 |
2004 |
2007 |
2008 |
| Deficit (£m) |
21.7 |
47.0 |
166.4 |
138.7 |
200.2 |
228.4 |
| Solvency of fund (%) |
94 |
87 |
60 |
70 |
70 |
70 |
|
 Waltham Forest Council scooped the 'Best Return on UK Equities’ category at the Local Government Chronicle awards earlier this month.
20 December 2011
read ...
Conservative Cllr Nick Buckmaster, chairs the council's Pension Fund Committee said: "We’ve made some really positive progress with the Pension Fund over the last few years in what are quite frankly treacherous circumstances. “I think the award speaks for the effort that everyone has put into getting this really important issue right.” Council leader Cllr Chris Robbins said it was "great news" and also praised the work of officers.
|
 The rocketing cost of council pensions in Waltham Forest
26 Mar 2013
read ...
In July last year, we revealed the substantial rise in council staff drawing pensions compared to those paying in. We also revealed in April last year the enormous black hole in the Local Government Pension Scheme (LGPS) – a gaping pensions deficit of £54 billion for which taxpayers are ultimately liable.
These figures were brought into sharp focus in Waltham Forest earlier this month at a full council meeting. In a report authored by John Turnbull, Director of Finance and Procurement, the following was brought to the attention of councillors: |
Warning: taxpayers may be forced to bail out councils such as Waltham Forest due to 'weak' pension funds.
19 December 2014
read ...
There is “serious weakness” in the pension fund for public sector workers in Waltham Forest which is likely to get worse, according to a report by an influential think-tank.
The Centre for Policy Studies has highlighted the authority is one of 89 across the country in danger of being unable to meet its liabilities, raising the possibility of a bail-out by taxpayers. The think-tank’s research found just 60 per cent of Waltham Forest council’s fund is covered by current contributions.
It says the deficit is likely to widen as increasing numbers retire due to an aging population and fewer staff are recruited. |
| more ... |
|
| |
|
|
Top |
|
|