PwC puts £70m into pensions

PricewaterhouseCoopers has paid £70m into its pension fund in an apparent
attempt to limit the impact of the PPF levy.

Companies and firms with pensions deficits were required to submit details of
their schemes to the PPF by 31 March. A spokeswoman for PwC said the firm had
made the £70m payment before the deadline.

The firm’s deficit has also halved, it added. The most recent estimates,
which follow an actuarial review in 2005, showed a deficit of £120m before the
payment. The firm intends to pay off remaining liabilities over the next three
years, it says.

Accountancy Age highlighted the Big Four firms’ pension issues last year.
PwC’s deficit then was £298m under the strictest interpretation, whilst Ernst
&Young faced a deficit of £230m and Deloitte one of £182m. After a High
Court battle, KPMG was also forced to treat its scheme as a defined benefit
scheme rather than defined contribution, with a deficit of around £60m.

E&Y said this week that it was increasing its pension payments from £10m
to £13m. Deloitte has a plan in place to pay off the scheme over ten years,
whilst KPMG said it would report any changes to its strategy in its annual

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