Reform has vowed to slash council tax bills by up to £350 a year by rooting out waste across public sector pensions. The Telegraph gives us the story. Reform are currently the most popular party in the country

Richard Tice, the party’s deputy leader, will on Monday unveil plans to overhaul council-controlled pension funds, which he says are failing to deliver value for money after becoming blinded by net zero.

The chronic mismanagement of public sector pensions is costing taxpayers around £10bn a year, according to Mr Tice, who said households were paying the price for a “gravy train culture” of high fees and bad investments.

It comes after the party carried out a detailed review of gold-plated pension schemes at Reform-controlled authorities across the country.

To be released on Monday, the review will find widespread waste fuelled by investment strategies that are too focused on net zero.

Mr Tice will also claim that complacency among investment managers and advisers has led to systemic overcharging and underperformance across one of the largest final salary pension schemes in the world.

In a speech on Monday, the former businessman will say environmental, social, and governance (ESG) goals have been hard-wired into many funds’ investment strategies – often at the expense of higher returns.

By improving performance, the Reform deputy claims, cash-strapped councils could afford to fund “a world-class social care system” or reduce council tax bills by up to £350.

The Local Government Pension Scheme in England and Wales (LGPS) is by far the biggest defined benefit scheme in the country – with almost seven million members and assets under management on course to grow to £1tn by 2040.

However, councils’ own annual reports admit that funds have repeatedly missed self-imposed performance targets and made poor investment decisions.

This includes some schemes that wasted pensioners’ money on failed green energy projects, while others bought property located hundreds of miles away from residents.

Mr Tice will say most council pension schemes are underperforming even when compared with funds that simply track the stock market.

Reform will now take steps to oust underperforming fund managers, while also introducing a simpler investment strategy focused more on profits and funding local projects, such as social housing.