Member

The nameless example given, which will potentially be revealed over time—this is a bit like “The Traitors”—had a surplus for the scheme. The Committee should take note that some individual employers may be in significant deficit even though the whole fund may be in surplus. There are sometimes hundreds of employers in a fund. As noble Lords are aware, a large proportion of employers in Local Government Pension Scheme funds are not local authorities; in fact, non-local authority employers make up about the same amount of contributions to the schemes—the total is about £5 billion —as local authority employers do. So there is a balance here: we are not talking purely about local authorities.