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
An analysis of IGC annual reports finds some lacking in information on value for money, costs and charges, and investment performance. James Phillips explores the findings
A new cost transparency solution is being developed for pension schemes by a financial services technology firm.
Supermarket giant Asda's plans to reform its pensions have been decried as "unfair, unreasonable and unnecessary" as the workers' union began talks with the employer.
The Pensions Administration Standards Association (PASA) has launched a checklist to help trustees with the rectification process for guaranteed minimum pensions (GMP).