Aerospace and defence giant BAE Systems is believed to be on the brink of
pumping £500m into its pension scheme.
According to the Sunday Times the maker of the Eurofighter is in
discussions with employees to plug its £2.8bn pension deficit with the £500m
payment. The sum is expected to be a mix of assets and cash.
BAE Systems has the UK’s second biggest pension deficit as a proportion of
its market cap. British Airways has the largest.
Companies with large deficits will be weighed down even further next year
when the Pension Protection Fund, the state’s safety net for the pension plans
of failed companies, is expected to raise the levies it receives from companies.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016