Only 88.6% of the world’s second largest pharmaceutical company’s pension liabilities are funded, according to its annual report published yesterday.
The ‘notional’ shortfall stands at £457m, but the group said yesterday it would not need to top up its scheme.
Before the merger last year between Glaxo Wellcome and SmithKline Beecham, the two companies closed their final salary pension schemes to new entrants.
The news is likely to add fuel to critics’ opposition to the new standard.
Yesterday the Conferation of British Industry wrote to the Accounting Standards Board attacking the new rule as ‘misleading’.
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