UK - Department store James Beattie's company profits have been dented by a fall in the firm's £40m pension fund's surplus.
The Wolverhampton-based scheme said it would now pay an extra £400,000 as a result of the fall. Finance director Bill Kelly warned that this plight may befall others funds which in future show a deficit or fall in surplus.
Kelly said: “This is not contribution increase - this is a cost increase under the old accounting standard SSAP24. As we have less of a surplus, we have had to take a cost. We are not showing a deficit but are showing a fall in surplus, so will not need to increase contribution costs.”
By Shifa Rahman
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