Share falls are bad news for pension schemes
FTSE 100 companies have seen £63bn wiped off their final salary pension schemes this year due to sharp falls on the stock market, according to new actuarial research.
FTSE 100 companies have seen £63bn wiped off their final salary pension schemes this year due to sharp falls on the stock market, according to new actuarial research.
Link: Top companies to outsource pension schemes
Under the new controversial pension rule, FRS 17, an aggregate deficit of £59bn existed at 30 September, according to research by UBSL, a pension fund consultancy.
FRS 17, on hold until its international equivalent is revised, requires companies to disclose the state of their pension fund assets and liabilities.
Rob Dales, actuary at UBSL, said the deficit meant companies would have to make larger contributions to top up the schemes and could encourage more companies to close final salary schemes.
Dales told the FT: ‘Boardrooms across the UK remain sceptical about FRS 17, but it does give a realistic estimate of the true cost of final salary pension schemes.’
The numbers you crunch tell a story. Your expertis...
22yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleKPMG confirms reappointment of it's UK chair, while EY announces Janet Truncale as the next EY global chair and CEO Read More...
View articleThe ICAEW has announced the appointment of its forthcoming chief executive Read More...
View article