UK - London Underground has revealed a £250m FRS17 deficit on its £3.26bn pension scheme for the year ending March 31.
The firm attributed the deficit to the fall in equity values globally.
Last year the scheme’s equities and managed/unitised funds were valued at £2.6bn, or 77.1% of its total assets. This year its equities portfolio is worth £2.22bn, or about 68% of the scheme.
Its annual accounts also revealed that its scheme has increased its allocation to fixed income from £772m to £996m (30.5% of the fund) over the year.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers