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Dan Bates: How should we measure financial resilience?

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...our accounts review has revealed some staggering pension liabilities. As we all live longer and authorities have fewer staff paying into pension funds, larger annual payments to recover deficits may have a greater call on scarce resources.

Paul Guilliotti, director of Financial Services, Richmond and Wandsworth Councils argues that current high funding levels should be approached with caution as marginal changes to discount rates can potentially have a significant impact.

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