The LGPS is a funded scheme, which makes it unique in the public sector.
Real pension schemes need to pay for a near 30 per cent increase in life expectancy at 65 since the 1970s.
Unlike final-salary schemes in the private sector, closing the LGPS to new members has not been considered as a serious option. Its current pension structure is only sustainable if changes are made soon.
Mike Walker Director, Employers Organisation, Layden House 76-86 Turnmill Street London