Plans to merge London boroughs' pension pots could result in a £598 increase to the council tax bills of residents across the capital, Wandsworth LBC has claimed.

According to a financial analysis undertaken by Wandsworth, the London Pensions Fund Authority (LPFA) – which last year issued proposals for pooling £30bn of funds held separately across the capital by itself, other London boroughs, Transport for London and the City of London Corporation – has underperformed by more than £1bn over the last three years and £2bn over the last decade.