PracticeAccounting FirmsKPMG to appeal pensions decision

KPMG to appeal pensions decision

Big Four firm, KPMG, will appeal a High Court decision which decided that its Pre-2000 pension fund should be operated as defined benefit, which would mean its partners potentially having to meet a £65m deficit.

Link: £65m bill for KPMG partners

The decision to appeal against the ruling handed down at the end of July will anger many, including a group of ex-partners, who wrote to KPMG chairman Mike Rake earlier in the summer.

‘We urge the board to make substantial enhancements to its likely proposals, to avoid KPMG being viewed as greedy and dishonourable in obtaining commercial advantage at the expense of pensioners and staff,’ the letter said.

A KPMG statement said today that the ‘Board has a duty to balance the legitimate interests of all past, present and future staff and partners – and believes that this course of action is the fairest to all parties’.

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