KPMG partners face £88m pensions bill

KPMG partners face £88m pensions bill

Partners to pay out of their own pockets to close pension hole

Following a ruling by the Law Lords, partners at KPMG will have to come up
with £88m of their own money to fill a hole in the firm’s final salary scheme.

KPMG was denied leave to appeal the ruling which came about after former
staff brought the action against the Big Four firm to protect pension payout in
the face of moves to change a money purchase scheme and impose severe benefit
cuts, Pensions World reported.

This would mean that each of KPMG’s 560 partners would have to pay in excess
of £156,000 each, if the bill was split evenly, to make up the shortfall.

On average, partners at KPMG earn annual salaries of £550,000.

KPMG will now agree a plan with the trustees to ensure adequate scheme
funding.

Related Articles

CogitalGroup announces acquisition of Wilkins Kennedy

Accounting Firms CogitalGroup announces acquisition of Wilkins Kennedy

1w Emma Smith, Managing Editor
Blick Rothenberg acquires Westleton Drake

Accounting Firms Blick Rothenberg acquires Westleton Drake

2w Emma Smith, Managing Editor
IR35 in 2018: what do accountants need to know?

Accounting Firms IR35 in 2018: what do accountants need to know?

2w SJD Accountancy | Sponsored
Top 50+50 UK Accountancy Firms 2018 – entries now open!

Accounting Firms Top 50+50 UK Accountancy Firms 2018 – entries now open!

3w Emma Smith, Managing Editor
It’s not just the potential of women at stake, it’s the potential of accountancy

Accounting Firms It’s not just the potential of women at stake, it’s the potential of accountancy

4w Jean Stephens, RSM International
PwC to net £50m from Carillion insolvency

Accounting Firms PwC to net £50m from Carillion insolvency

1m Alia Shoaib, Reporter
Mercer & Hole makes two new appointments

Accounting Firms Mercer & Hole makes two new appointments

2m Emma Smith, Managing Editor
Sexual harassment – is accountancy next for #MeToo?

Accounting Firms Sexual harassment – is accountancy next for #MeToo?

2m Karen Baxter, Lewis Silkin