£65m bill for KPMG partners
KPMG partners face a £65m bill after a High Court ruling, handed down yesterday, concluded that the firm's pension scheme is defined-benefit.
Link: KPMG sweats on pensions
The scheme, which was closed in March 2000, has been the subject of a bitter feud between the firm and disgruntled former partners, who argued the firm should honour the deficit.
The six former partners wrote to KPMG chairman Mike Rake earlier this month. ‘We urge the board to make substantial enhancements to its likely proposals, to avoid KPMG being viewed as greedy and dishonourable in obtaining commercial advantage at the expense of pensioners and staff,’ the letter said.