Sovereign Wealth Fund outright theft of council works pensions in all of  UK by Reform

For all council pensioners, including the 1950s born ladies and just as 1960s born LADIES BEGIN TO RETIRE FINALLY, COUNCIL PENSION UNDER THREAT.

Nigel Farage's potential ..."Reform government would block new entrants to local government pension schemes, which would be consolidated into a sovereign wealth fund, which Unison general secretary Andrea Egan condemned.

“Attacking the pensions of council staff is a disastrous move. Employees would be denied a secure retirement income and it would worsen the recruitment crisis in local government,”

Unison general secretary Andrea Egan said. 

This might happen anyway if Reform is voted into further councillor jobs in May's 2026 local council elections. 

Source: 

https://www.morningstaronline.co.uk/article/reform-declares-war-workers

OUTRIGHT THEFT OF

ALL COUNCIL PENSIONS

BY REFORM



Richard Tice (head of Reform's proposed new Department of Business Trade and Energy) stated Reform’s UK economic plan in Birmingham on 23 February, 2026 press conference.

Reform officials confirmed these changes were now party policy.

British Sovereign Wealth Fund. 

A Reform government would end more generous defined benefit pension schemes for new local government workers and merge nearly 100 separate schemes to create a £500bn British Sovereign Wealth Fund.

• Reform plans to bar any new entrants to the current schemes and, like most of the private sector, enrol new employees into defined contribution schemes.
• In those schemes payout is not guaranteed, but instead depends on contributions made by the employee and employer, and gains (or losses) from market investments.
  

Tice said: New employees of councils, you will join a new defined contribution scheme.

Closing these schemes to new joiners, the liabilities over a few decades reduce.

Cut the employer contribution down to 10 per cent. 

What Trade Unions Say about Sovereign Wealth Fund policy instead of council pension contract.

When this idea was first floated (in) November 2026, the public sector union Prospect described it as "a baseless attack on public servants" which would "only worsen the current recruitment and retention crisis in our public services, and would plunge the services people rely on into staffing chaos".

Jon Richards, assistant general secretary of the public service union Unison, said those in charge of Reform were not on the side of working people.

"Forcing council staff on to inferior pensions would leave retired workers poorer and worsen an already severe recruitment crisis for local government," he said.

Information about Council Works Pensions.

There are nearly 100 of these "defined benefit" local government pension schemes across the UK with more than 7 million members or pensioners and over £400bn in assets.

Source: BBC article headed Reform vows to overhaul pension schemes for new local government workers, dated 24 February 2026.