UK - Supermarket giant Tesco has revealed a £540m FRS17 deficit in its £1.5bn final salary scheme.
Preliminary accounts show that the Tesco Pension Scheme had a net FRS17 deficit of £540m at February 22, against £127m last year. Had the supermarket chain fully implemented FRS17, its £1.3bn annual profits would have been £19m lower.
But Tesco notes that its scheme is relatively young and has 120,000 active members and only 10,000 pensioners.
Tesco also published the result of its triennial actuarial valuation undertaken in March 2002 – revealing a deficit of £159m and making it 91% funded on an MFR basis.
The firm has taken steps to deal with this deficit by increasing both the company and employee contributions.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.