Interesting question

Anyone know how to find the accounts for The Guardian (or GMG perhaps) pension fund? I’d love to see what has happened to that since 2008. Would be fun to see if it’s quite the disaster that the BHS fund is…..

9 thoughts on “Interesting question”

  1. FWIW Paul Staines (proprietor of Guido Fawkes blog) posts about the Groaniad’s tax affairs fairly regularly. He may know.

  2. The GMG 2015 accounts disclose two DB schemes. Shortfalls to be eliminated by 2018 and 2019. The group contributes about £2m a year currently.

  3. As a general rule, the only pension schemes that are not in deficit are those with no money in them. Govt ones, in other words.

  4. The main funded govt scheme is LGPS, which is a whole raft, or perhaps slew, of different local schemes. I wonder how they’re doing.

  5. South Yorkshire’s LGPS reports every three years, the 2013 report stated it was 79% funded (ie, 21% shortfall). That’s only a problem if every single scheme member retired en mass and demanded their pensions. Every current pension being paid is being fully funded. The acturaries have calculated that it has to be turned around and returned to 100% funding within 22 years (yes, two decades) to cover current and future liabilities. That was calculated assuming no scheme members die early, that investment rates don’t pick up, and that contributions don’t increase.

    The next 3-yearly report is due out this year, that will show how well things are progressing.

  6. When I worked at an Academy for a short time, it was making an employer’s contribution of 18% to the scheme for all staff.

  7. LGPS schemes are actually rather surprising in that they are substantially funded by real investments. The accrued deficit is about 47bn, if I remember right, which is a big number, but not the biggest problem.

    I wouldn’t praise them too much however – the liabilities are building at an unsustainable rate and assets growing too slowly. So it’s getting worse.

    The real problem is the unfunded central govt plans (civil service, military, etc. Especially the gargantuan NHS). These are a 1.3 *trillion* liability. The only asset is a government IOU.

    One day the government will renege and/or more likely print the money.

    I don’t think public sector staff realise what is being offered really. A best buy single life RPI-linked annuity at 65 seems to be about 2.7% at the moment. So your average civil servant bod who retires at 65 being promised £20k pension is basically being handed something worth £740 *thousand*.

    That’s why they call them gold plated.

  8. Yes true gmg annual report note 29 is all I can see from a brief search. There are two schemes, Surrey Advertiser and TPP. If you back to the 2014 report note 27 they disclose a 5 year asset/liability history. Liabilities heading up quickly, but it was being funded as the absolute amount me are modest.

    That would seem to indicate they no longer have a large DB scheme, if indeed they ever did. If they did, it might have been acquired by a third party company at some point, but I’d expect to find an obvious historical trace of it in google. They certainly seem to like poking fun at the Trinity Mirror pension scheme deficits.

    Interestingly, I note that there is a disclosure that some selected pensions are paid direct from operating expenditure as they fall due. I’d love to know who benefits from those.

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