The Bank of England’s pension fund deficit increased considerably under the
application of FRS17 accounting rules, its annual report reveals.
The deficit increased from £59m in the year to February 2004 to £287m this
year, with the Bank conceding that the rules make its reported deficit more
The FRS17 rules change assumptions about life expectancy and investment
returns. Increased longevity added an extra £90m to its deficit while tightening
its assumptions on real bond issues added £189m, the Financial Times reports.
Its 16 non-executive directors received a 29% pay increase, increasing their
basic salaries from £1,000 to £6,000 after a seven-year freeze.
Its report, released on June 15, also shows that the Bank set aside nearly
10% of its annual budget to fight its corner in the ongoing Bank of Credit and
Commerce International case.
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