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How your Council Tax is used by other organisations
How the Greater London Authority, London Pensions Fund Authority and other organisations use Council Tax
Contents
How the London Pensions Fund Authority uses Council Tax
The London Pensions Fund Authority (LPFA) raises a levy each year to meet expenditure on:
- premature retirement compensation
- outstanding personnel matters for which LPFA is responsible and cannot charge to the pension fund
These payments relate to former employees of the Greater London Council (GLC), the Inner London Education Authority (ILEA) and the London Residuary Body (LRB).
For 2024-25, the income to be raised by levies is set out below. The Greater London levy is payable in all boroughs, the Inner London levy only in Inner London Boroughs (including the City of London). The figures show the total to be raised.
- Inner London £7,000,000 (-46%)
- Greater London £1,000,000 (-90%)
- total £8,000,000 (-66%)
From 2022 onwards, a portion of the amount previously raised as levies is being paid into the LPFA Pension Fund to address a funding deficit in respect of former GLC, ILEA, and LRB employees.