The pensions “black hole” at Colchester Council has grown by £20 million in the last 12 months, according to new figures.
This could inspire a number of council workers to use an equity release calculator in order to see how the value of their property could boost their retirement income.
According to the Essex County Standard, the local authority’s pension scheme deficit has increased from £51.94 million to £71.03 million in the last year.
Paul Smith, councillor responsible for resources, told the local newspaper that the gap can be attributed to the poor performance of the Essex Pension Fund.
“Clearly the fund’s investments haven’t performed as well as we had anticipated,” he said.
“Obviously, it’s very disappointing the scheme’s performance has been so poor this past year and the deficit has increased.”
Homeowners aged over 55 years who are concerned about their retirement finances can find out how the value of their home could provide them with a tax-free cash lump sum with an equity release guide from Key Retirement Solutions.
Posted by Alison Stephenson
