PENSIONS FEAR OVER HUGE FUND SURPLUS

Councils to slash the amount they contribute to their workers' pots

- PAUL HUTCHEON

COUNCILS will be able to slash the amount they pay into workers' pensions after a retirement fund posted a massive surplus.

The plan, approved by the Strathclyde Pension Fund, will unlock tens of millions of pounds for local authorities.

A senior council insider said: "It is a once in a decade opportunity.

Twelve local authorities, including Glasgow, South Lanarkshire and North Lanarkshire, are part of the multi-billion-pound SPF. A new paper revealed it is flush with cash and funded to the tune of 147 per cent.