Earlier this week, Tice said his party, which is led by Nigel Farage, could help councils save billions of pounds across the country by changing the way the Local Government Pension Scheme (LGPS) funds were invested.<\/p>\n
Speaking ahead of Reform UK party’s conference in Birmingham, Tice said Doncaster’s scheme was one of a number where he alleged “mismanagement” had been identified.<\/p>\n
“There’s vast overpayment of fees to rich investment managers, woeful underperformance [and] investing in woke things, illiquid funds,” he said.<\/p>\n
“It’s tens of millions of pounds, huge sums, in terms of saving on fees and under performance.”<\/p>\n
As well as being the main opposition party in Doncaster, Reform UK also has control of 12 councils and two mayoral authorities in England, meaning it has power to enact policy changes in those authority areas.<\/p>\n
Tice continued: “The rights of pensioners and retirees and employers are absolutely sacrosanct and we are not touching those but if you perform better you can reduce the quantity of employer contributions, which means you can save council money, which means you can invest it.”<\/p>\n
He said the savings could be invested in “better social care provision”.<\/p>\n
A spokesperson for South Yorkshire Pensions said its scheme was “well-funded and maintains, in line with industry best practice a diversified investment strategy which aims to ensure that funds are always available to pay pensions when they fall due”.<\/p>\n
Zoe Alexander, Director of Policy at Pensions UK, a not-for-profit industry body, said the LGPS was “one of the world’s most successful pension schemes”.<\/p>\n
She added: “It has consistently demonstrated financial resilience and operational stability throughout regular periods of rapid change, capitalising on economies of scale and a collaborative culture.”<\/p>\n","protected":false},"excerpt":{"rendered":"Earlier this week, Tice said his party, which is led by Nigel Farage, could help councils save billions…\n","protected":false},"author":2,"featured_media":1879,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[114,268,85,46,266,267],"class_list":["post-1878","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-il","tag-israel","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/1878","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=1878"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/1878\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/1879"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=1878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=1878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=1878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}