Sheffield council’s huge pension deficit

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SHEFFIELD Council has the tenth highest deficit in its pension fund of any authority in the country.

Figures released by campaign group the Tax Payers’ Alliance show the fund had a shortfall of £563 million in the 2010/11 financial year.

Sheffield’s accounts show there were £1.296 billion in assets compared with £1.859 billion of liabilities.

The worst council was Birmingham, with a £1.4 billion black hole in its pension fund.

Nationally, councils across the UK had a combined pensions deficit of £54 billion in 2010-11, a fall from £91 billion in 2009-10,