Anthony Hilton: Politics puts the block on pension money saver
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The financier and businessman Ed Truell worked out a few months ago that merging all the local-authority pensions schemes in this country would save up to £35bn over five years through lower costs, greater efficiency and more productive investment.
He got PWC, the accounting firm, to give a second opinion. Even being cautious they said there was at least £17bn to be had.
He pitched the idea to Chancellor George Osborne, but he thought that politically it would be too difficult.
A separate effort to merge the schemes in the capital is being led by the London Pension Fund Authority (LPFA), but is meeting stiff resistance from some of those who would be taken over.
Now, however, I hear Mr Truell is being lined up by London Mayor Boris Johnson to become next chairman of the LPFA.
It is a great choice, but one likely to set the sparks flying.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments