BusinessCompany NewsTrinity Mirror blames pension deficit on FRS 17

Trinity Mirror blames pension deficit on FRS 17

Trinity Mirror's pension funds have fallen into deficit, a position that the company has blamed on the controversial accounting standard FRS 17.

Link: FRS 17 special report

The group’s 10 funds registered a modest deficit in aggregate at the end of last year at a time when the company considers the future of its final salary scheme. It is thought the funds have dipped further into the red since then.

FRS17 means that companies take a snapshot of a fund’s assets and liabilities at a given time, making funds look more volatile, and the change to the standard has meant many companies registering a deficit in their funds as stock markets continue to plunge.

If a deficit persists however Trinity Mirror may be forced to increase contribution rates to make up the difference.

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