National Coverage of Local Government Pension Scheme this morning, with my comments on Glasgow's just-declared record £12Bn *funding* surplus. 156% funded, even over-prudently assuming 5% future investment returns. Excellent, detailed coverage from @PatrickTooher. thisismoney.co.uk/money/mark… Ridiculous, nonsensical non-denial denial from HM Treasury. What on Earth are they trying to hide from their own chancellor and PM? The fact that they should have spotted the taxpayer-owned likely now £200 billion LGPS surplus before now? Glasgow is the canary in the mine, telling us how big this scandal is going to get. The whole UK scheme had £517B in assets last March. If Glasgow's 158% funding was matched across the scheme, its total pensions bill would be £327B, and so a surplus of £190B of taxpayers' money. That was last March, it's obviously likely now to be over £200B. and Glasgow's share of that likely £20 billion. The biggest yearly loss Glasgow PF has suffered in the last two crashes in 2009 and 2003 was -20%, followed by immediate recovery the following year. The surplus isn't going away, HMT. In Glasgow or across the UK. The piece also points out what we've been saying for some time: the average annual payout from these pensions is little more than £5,000 a year: gold-plated, they aren't.