Local council pensions are said to be underfunded by £65billion, as study has found that they are in such a bad state that they may have to use a Pay-As-You-Go system.

English local Government Authorities are said to have £120billion of assets but have £185billion of liabilities.

For more details read the full story on bloomberg.com

http://www.bloomberg.com/apps/news?pid=20601102&sid=alKNjYsto5gA

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