KPMG partners face £88m pensions bill
Partners to pay out of their own pockets to close pension hole
Partners to pay out of their own pockets to close pension hole
Following a ruling by the Law Lords, partners at KPMG will have to come up
with £88m of their own money to fill a hole in the firm’s final salary scheme.
KPMG was denied leave to appeal the ruling which came about after former
staff brought the action against the Big Four firm to protect pension payout in
the face of moves to change a money purchase scheme and impose severe benefit
cuts, Pensions World reported.
This would mean that each of KPMG’s 560 partners would have to pay in excess
of £156,000 each, if the bill was split evenly, to make up the shortfall.
On average, partners at KPMG earn annual salaries of £550,000.
KPMG will now agree a plan with the trustees to ensure adequate scheme
funding.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn 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 resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceStatic budgets outdated. Embrace agile budgeting for a smooth year-end close and adapt to changing markets. Read More...
View articleSaffery Champness's strategic rebrand to "Saffery" reflects a bold step towards aligning its historic values with a modern, innovative ethos, fosterin...
View articleSumer’s CEO Warren Mead believes accountants have a responsibility to champion smaller and medium-sized businesses and that successful entrepreneurs a...
View articleMid-market firms experience largest percentage increase in fee income in 2023, as consultancy services start to become leading income streams for the ...
View articleBaker Tilly International has today announced record global revenues of US$5.2bn for the financial year ended 31 December 2023, up 11% on the previous...
View articleWhilst Small and Medium Enterprises (SMEs) account for around half of the turnover in the UK private sector[1], our own AAT research shows that over a...
View articleGrant Thornton UK as confirmed the appointment of Malcolm Gomersall as its new Chief Executive Officer. Gomersall, who has been with the firm for over...
View articlePersonas is an internal AI platform meticulously developed by BDO to boost productivity and streamline day-to-day tasks. Read More...
View article