PracticeAccounting FirmsArbitration to decide to E&Y pension row

Arbitration to decide to E&Y pension row

The dispute over the closure of Ernst & Young's final-salary pension scheme will be settled by arbitration, according to the Sunday Telegraph.

Link: FRS 17 special report

In the meantime E&Y has agreed to keep the scheme open until the impasse is resolved. Worries over the new accounting standard FRS 17 prompted the firm to announce the closure of the scheme in January.

As a result 2,000 members of the scheme would have to join the Defined Contribution scheme and see their pensions dependent on the whims of the stock market.

But a group of disgruntled members formed an action group and engaged two city law firms to fight their corner. The arbitration process is expected to last a year.

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