JLT discloses £72m pensions deficit
Jardine Lloyd Thompson, the insurance broker, yesterday announced a pensions shortfall of £72m under the new controversial pensions accounting standard FRS 17.
The deficit was partly offset by a deferred tax credit of £22m leaving a net pensions deficit of £51m.
Under FRS 17, which takes effect in parts until 2003, JLT had to disclose its pensions liability. Next year the insurance broker will have to include the surplus or deficit in the balance sheet.
The company reported a 22% rise in turnover to £350m for the year ended December 2001. Profit before goodwill amortisation and exceptionals rose 18% to £84.3m