Reforming the Local Government Pension Scheme in England and Wales (LGPS) could save taxpayers around £10bn, Reform UK's deputy leader has claimed.
Richard Tice said that local government funds were underperforming and charging ‘egregious' fees, adding that there was a ‘gravy train culture' at the LGPS.
Tice insisted his party would not touch the ‘sacrosanct' existing rights or benefits of employees but said they would urge local pension committees to ‘change course'.
He added his party would launch its own branded pool manager and deliver savings of up to £10bn, which could be used to deliver a ‘world-class social care system'.
However, critics argued Reform's approach to LGPS reform amounted to funding one public service by raiding another.
General secretary of trade union Unison, Christina McAnea, accused Reform of attempting to force council staff onto inferior pensions, which would impact retired workers and exacerbate the recruitment crisis in local government.
She continued: ‘The country desperately needs a world class social care system but making council staff poorer and elderly people more vulnerable isn't the way to deliver it.
‘The sums involved appear to have been plucked out of the air by Reform. The latest evaluations of the scheme are expected to show it's well managed with healthy returns.'
