Sponsored by
£23m pension blackhole
TAXPAYERS have paid more than £22.3 million over three years to plug a blackhole in South Yorkshire Police's pension fund.
Figures released by the Government show the Home Office is having to spend more on bailing out the force's pension pot, raising questions about its long term viability.
They show that last year the Home Office paid a special grant of 10.6 million to fill a gap in the funding of the South Yorkshire Police pension scheme, up from 8.7 million in 2007/08 and 3.1 million in 2006/07.
The Government contribution is now worth eight per cent of the total annual payments made into the scheme.
Nationwide, the amount has risen from 201 million in 2006/07 to 482 million last year.
Liberal Democrat Treasury spokesman, Lord Oakeshott, who obtained the figures said: "We have paid twice for police pensions in the last three years - first through council tax and then through income tax too.
"Getting a grip on ballooning public sector pension costs will be the acid test of any government's credibility and the shaky credit rating over the next five years."
He urged the Government to set up an independent review into public sector pension costs "to make them fair and affordable for public and private sector workers".
Police officers who joined prior to the April 2006 reforms can retire on a full pension after 30 years service, regardless of their age, or after 25 years service when they are over 55.
Officers who joined after 2006 can retire on a full index-linked pension plus a lump sum equal to four years pension after 35 years service once they have reached 55 years of age.
Policing Minister David Hanson said: "Entitlement to a police pension is a key element of the remuneration of police officers to enable them to undertake their role with confidence, and in recognition of the demanding nature of police work."
Bill Wilkinson, chief executive to the South Yorkshire Police Authority, said: "The Police Authority understands that the sustainability of police pension schemes needs to be addressed.
"We are committed to meeting existing pension commitments and any scheme must try to achieve a balance between fairness to police officers, legal commitments and the effective management of public funds."
Got a view? Add your comment below.
READ MORE
Subscribe to The Star
Main news index
Your letters
Features
South Yorkshire's environmental news
Kids Zone
More business news
More Rotherham news
More Doncaster news
More Barnsley news
Latest sport.
Email to a friend
Print this page
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Sheffield
Saturday 26 May 2012
Today
Sunny
Temperature: 9 C to 21 C
Wind Speed: 17 mph
Wind direction: East
Tomorrow
Sunny
Temperature: 11 C to 21 C
Wind Speed: 14 mph
Wind direction: East
