BusinessCompany NewsPension fund deficit hike for BoE

Pension fund deficit hike for BoE

Bank of England sees its pension fund deficit increase considerably under FRS17

The Bank of England’s pension fund deficit increased considerably under the
application of FRS17 accounting rules, its annual report reveals.

Link:
Finance bill railroaded despite
pensions fears

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
volatile.

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.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

1m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

5m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

5m Alia Shoaib, Reporter
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

9m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

9m Emma Smith, Managing Editor
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

8m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

8m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

8m Emma Smith, Managing Editor