ICAS pension deficit soars
The Institute of Chartered Accountants of Scotland has revealed its pension deficit has increased to £3.3m.
The £3.3m deficit to the end of 2002 compares to a £400,000 deficit for the previous year.
ICAS blamed falling stock markets for the massive increase, which it said had hit pension funds ‘across the board’.
But there was some good news in the accounts with profits to the end of 2002 coming in at £195,000. Although ICAS is a non-profit making organisation it highlights its work in Hong Kong and Romania as a key income generator.
Earnings come from membership fees, courses and the awarding of certificates.