The unusual site banners are to bring attention to the fact that Labour activists in Bexley are manipulating Facebook Groups with fictional posters. They deny it, threaten police action for ‘harassing’ a fictitious character and then demonstrate their willingness to impersonate by creating a false Administrator account in my name. The banner on display is chosen randomly from a selection of three, with a fourth bearing the familiar Bexley Council is Bonkers logo.
23 October - Maladministration?
Do you know anything about pension funds? No me neither but someone who
claims to have some knowledge suggested I dig into Bexley Council’s arrangements. He says that
pension fund administration should generally cost around 0·1% of the fund
managed. I only have his word for it but a bit of research suggests it is in
the right ball park for large pension funds.
Bexley’s Pension Fund currently stands at £1,030,000,000, a little over a
billion. That is a lot of Council Tax. If 0·1% is a reasonable fee that comes to
a nice round million, give or take.
What are they actually shelling out? Not absolutely sure. They have a contract to manage
the fund, 13 of them by the looks of things currently costing us £7,364,859·67 in fees but does that mean
anything? Maybe not. The actual amount spent appears to be £11,069,000. 1·07% or ten times
the industry norm. WTF! That’s about four and a half thousand Band D Council Tax payments
on looking after fat cats.
You can discover most of the figures for yourself by Googling Bexley Council Contracts
Register. Some came from a FOI. If I have got anything wrong Bexley Council will perhaps get back to me, but they never have in the past 16 years.