Analysis by consultant Lane Clark & Peacock, found that a jump in pension fund liabilities, due to falling bond yields, largely offset any gains from stock market rises.
Some companies could have seen their pension black holes rise by over 10% last year and the FTSE100 deficit of £55bn was unlikely to have fallen despite returns on shares of about 20% last year.
The firm said FRS17, which offers a snapshot of a company’s pension fund, depends heavily on inflation and corporate bond yields. Both of these indicators did not do as well as hoped last year.
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