Reform has pledged to reduce council tax by as much as £350 a year per household through comprehensive reforms to public sector pension management.
Earlier today, the party's deputy leader Richard Tice cited research that claimed approximately £10billion in annual taxpayer losses due to poorly managed council pension funds.
The announcement follows an extensive analysis of pension schemes at authorities under Reform's control throughout England.
Monday's report claimed to expose financial waste, which has been driven by investment approaches that prioritise environmental targets over returns.
Council tax bills could be slashed as part of a pension system overhaul, Reform claims
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According to the party's calculations, systematic mismanagement and excessive focus on net zero objectives have resulted in chronic underperformance across local Government pension funds.
The findings suggest that improved fund management could generate sufficient savings to either enhance social care provision or deliver substantial council tax reductions for residents.
Mr Tice plans delivered a speech today accusing investment managers and advisers of creating a "gravy train culture" characterised by excessive fees and poor investment choices.
The former businessman argued that environmental, social and governance objectives have become embedded in investment strategies, frequently sacrificing better financial returns.
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Number of pensioners affected if pension was means tested via house price | GBN"A gravy train culture has developed where everyone can overcharge, no one is held to account for underperformance, and the taxpayer is taken for a ride," Mr Tice told The Telegraph ahead of his speech.
"Reform is calling an end to this financial mismanagement and abuse." The party's analysis reveals that the 13 pension schemes influenced by Reform have collectively fallen short of targets by an average of £1.24billion annually since 2020.
These funds have consistently delivered returns below those of basic stock market index trackers, despite having access to institutional investor advantages.
Reform's calculations indicate that excessive fees combined with poor performance have cost taxpayers £1.5billion yearly across just their 13 councils.
Extrapolating these figures nationally suggests total losses could reach £10bn annually through what Mr Tice describes as "incompetence".
The Local Government Pension Scheme for England and Wales manages assets for nearly seven million members, with holdings projected to reach £1trillion by 2040.
Council reports acknowledge repeated failures to achieve performance goals and questionable investment decisions affecting this vast pool of public sector retirement savings.
Reform intends to dismiss underperforming fund managers whilst establishing more straightforward investment approaches centred on profitability and local initiatives like social housing developments.
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Richard Tice unveiled Reform's plan for 'gold-plated' pensions
| PAThe party is expected to leverage its position on pension committees, which possess authority to appoint and remove fund managers, to implement these changes.
Mr Tice announced that Reform has begun immediate action to reduce fees and eliminate inefficiencies throughout public sector pension systems.
Critics have warned the reforms could potentially affect future pension entitlements, with the possibility that public sector employees might no longer receive automatic access to final salary pension schemes if Reform forms the next Government.
A Ministry of Housing, Communities and Local Government spokesperson responded: "We do not recognise these claims about the Local Government Pension Scheme, and are absolutely committed to making sure it provides value for money and helps drive economic growth across the UK."