FRS17 to reveal £100bn hole in NHS pensions
The controversial pension accounting rule FRS17, which has revealed massive deficits in UK company pension schemes, is set to do the same to the National Health Service.
The controversial pension accounting rule FRS17, which has revealed massive deficits in UK company pension schemes, is set to do the same to the National Health Service.
Link: FRS17 special report
Now taxpayers are likely to have to cough up to cover the cost of pensions owed to 1.3 million civil servants at the NHS, estimated as being equivalent to the revenue from 5p on the basic rate of income tax.
And it could even be worse, according to Charles Cowling, worldwide partner at William M Mercer actuaries, the NHS pensions bill could be as high as £125bn.
He told The Times: ‘Before the accounting change the government was simply reporting the cash cost of paying benefits each year, not the cost of the benefits it is storing up for future generations to pay.’
FRS17 takes a snapshot of company pension schemes’ assets and liabilities.
The numbers you crunch tell a story. Your expertis...
21yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleKPMG confirms reappointment of it's UK chair, while EY announces Janet Truncale as the next EY global chair and CEO Read More...
View articleThe ICAEW has announced the appointment of its forthcoming chief executive Read More...
View article