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Latest NewsEconomics, government & businessPay & benefitsPensions

Pensions raid threat as Partnerships for Schools searches for extra cash

by Rob Moss 20 Feb 2009
by Rob Moss 20 Feb 2009

Public sector pension funds could be used to help finance shortfalls in the government’s school building projects as private finance dries up.

Partnerships for Schools (PfS), the government body responsible for the £55bn building programme, is considering numerous options to help make up for a shortfall in private financing, including borrowing cash from local authority pension funds.

The funds comprise some £100bn of final salary pension schemes for around two million council workers, according to the Times.

PfS has confirmed it was having initial discussions with local government to explore whether pension funds could provide additional financing for building projects.

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Councillor Ian Greenwood, chairman of the Local Authority Pension Fund Forum, confirmed that local authorities had been approached, but said there could be a conflict of interests if local schools were being funded by council staff’s retirement funds.

PfS is also attempting to significantly increase funding from the European Investment Bank, which it already owes £300m.

Rob Moss

Rob Moss is a business journalist with more than 25 years' experience. He has been editor of Personnel Today since 2010. He joined the publication in 2006 as online editor of the award-winning website. Rob specialises in labour market economics, gender diversity and family-friendly working. He has hosted hundreds of webinar and podcasts. Before writing about HR and employment he ran news and feature desks on publications serving the global optical and eyewear market, the UK electrical industry, and energy markets in Asia and the Middle East.

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