Companies with defined benefit (DB) schemes restating 2012 accounting figures to reflect IAS19R will show a reduction in pre-tax profits by around £5bn, Towers Watson warns.
The consultant said when FTSE350 firms produce 2013 accounts with the amended accounting standard, 2012 profit levels will have to be restated to allow for comparison. This will cause pre-tax profit levels...
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.