UK - The Financial Services Authority is making an additional £2.5m contribution to its pension scheme to reduce the deficit.
And the FSA expects it will have to make further top-up payments of £5m a year in the future.
The final salary pension scheme – which closed to new members in 1998 – showed a deficit of £50m in March last year but the FSA estimates rising stock markets have reduced this to about £40m.
An FSA spokesman said: “We will make a judgement each year, but we have worked out that we will have to make additional contributions of around £5m for some years.”
The FSA also revealed it had spent £300,000 in the past year on dealing with inquiries related to Lord Penrose’s report into Equitable Life. The judge is looking into claims of inadequate regulation of the life assurer.The FSA pointed out the £300,000 related to staff time and external assistance, including legal advice.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.