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.
Pension freedoms could generate as much as £1.9bn a year in tax revenue for the next 10 years, according to research by the Pensions Policy Institute (PPI).
The Pension Protection Fund (PPF) has conceded it does not have "all the data we need to calculate" the impact of last month's ruling that some benefits may be unlawful.
A looming court decision on gender equalisation of pension schemes could hit FTSE 100 profits by up to £15bn, Lane Clark and Peacock (LCP) says.
Dutch custodian KAS Bank has created a fintech solution to help schemes save on costs and improve transparency of currency hedging strategies.