THE COUNCILLOR in charge of Lancashire County Council pensions has insisted the fund is safe despite a £2.1bn black hole.

Last week it was revealed the difference between the value of the fund had slipped to £3.3bn, with liabilities of £5.4bn.

But speaking to councillors on Thursday, pension fund committee chairman Don Yates said: “I would to reassure employees and pensioners that their pensions are safe.

“They are guaranteed whatever the performance of the pension fund.”