Pensions accounting row erupts at EMI
EMI pensions trustees and new owners argue over fund contributions, with accounting for pensions at the heart of the battle
An accounting row has erupted between EMI’s pensions trustees and the new
owners of the company.
The trustees want EMI’s new owners, private equity firm Terra Firma, to
increase contributions to the fund. However, Terra Firma said that under
pensions accounting standard IAS19 the pensions fund is £95m in surplus.
The Pensions Regulator said it was in discussion with both parties, the
Daily Telegraph reported.
The regulator said that the pensions scheme’s measurement under IAS 19 could
be different to that required under the details of that specific scheme.