KPMG denies cuts
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.
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