A £13m shortfall has been found in the English Football League Pension Fund and Life Assurance scheme. The shortfall came to light when the scheme's first MFR actuarial report was undertaken.
The shortfall is to be made up by the four divisions’ 94 football clubs. The highest bills are faced by Liverpool at £3m, Arsenal at £2m and West Ham at £700,000.
Escalating wages and failed investments in gilt edged stocks is cited as the cause of the scheme’s deficit. All clubs were sent a letter last week informing them of their obligatory monthly instalments until 2007.
Concerns over job security have prompted many club managers to opt for personal pensions but Premiership managers known to be in the scheme include West Ham’s Harry Redknapp and Manchester City’s Joe Royle.
The Football League Pension Fund and Life Assurance scheme was set up in 1977 to provide for managers, coaches and office staff.
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