The companies have approached insurers such as Prudential and banks such as Goldman Sachs and BNP Paribas with a view to buy annuities from them, rather than provide the schemes themselves, according to the FT.
This move has been precipitated by the new pension accounting standard, which forces companies to account for the value of their pension funds on their balance sheets.
A recent survey by actuaries Watson Wyatt found that UK corporate pension deficits now stand at £70bn as a result on the rule.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements