GLOBAL - KPMG has denied reports that employees face pension cuts after it refused to plug a funding gap in its pension scheme.
Press reports claimed that a £60m hole in the £300m KPMG Staff Pension Scheme would leave members facing benefit cuts of up to 20%.
But a spokesman for the accounting giant said: “This is a defined contribution scheme, not a defined benefit scheme. So any talk of blackholes or multimillion pound deficits is wrong.”
KPMG, though, did admit that it will stop paying contributions to one of its defined contribution schemes. The cuts will affect 20% of the company’s workforce.
Some of the UK's biggest pension schemes will be forced to report on climate risk in line with recommendations from the Taskforce for Climate-related Financial Disclosures (TCFD).
TPT Retirement Solutions has launched a pension scheme for the education sector which offers schools both defined contribution (DC) and defined benefit (DB) pension provision.
The People's Pension has revealed plans to overhaul its charging structure, cutting fees and returning profits to members with an aim to help people save more money for retirement.
Data consultancy ITM has appointed Akash Rooprai as head of client management to lead its de-risking business.