London Pension Fund Authority (LPFA)

The London Pensions Fund Authority raises a levy each year to meet expenditure on the premature retirement compensation and outstanding personnel matters for which the LPFA is now responsible and cannot charge to the pension fund.

These payments related to former employees of the Greater London Council, Inner London Education Authority, and the London Residuary Body.

For 2008/09 the expenditure to be raised by levies is as follows:

For 2008/09 the expenditure to be raised by levies is as follows:
	Amount in pounds
Inner London Levy	£12,599,000	(-3%)
Greater London Levy	£12,366,000	(+42%)
Total Levy	£24,965,000	(-15%)

TThe reduction in the levy for Inner London arises from reductions in expenditure and the use of surplus balances.

The increase in the levy for Greater London is due to the legislative impact of the Compensation Act 2006.

This has resulted in a higher incidence of settled and anticipated asbestosis claims, attaching to residual liabilities of the former Greater London Council (and successor bodies).

On average the Council Tax per household is £11.31 for Inner London and £4.22 for Greater London.

Local Taxes