Tories at City Hall claimed today that taxpayers are being “ripped off” by the goldplated pension scheme run by Transport for London.
The pension scheme is one of the remaining few to offer a final salary to employees and currently totals £2.9 billion. City Hall officials claim that tax payers "over pay" the fund £1.7 billion in comparison to other local authorities.
A spokesperson from TfL defended the pension arrangement, stating the fund “generates investment from its wide range of assets”.
This is just the latest TfL funding cut and will no doubt put more pressure on the regulator to increase private funding turnover. However with bus usage in decline and both road and rail networks crumbling under pressure it remains unclear just how they will bridge the funding gap.
This news will be welcomed by the London taxi trade who have always questioned whether the regulator was value for money.