Business Services Industry
Study alleges huge pension deficits; Watson Wyatt report says U.K. shortfall could top $100 billion.(Brief Article)
Business Insurance, August, 2002 by Veysey, Sarah
LONDON-As British Telecommunications P.L.C. refuted a report last week that its pension plan faces a shortfall of L5.5 billion ($8.38 billion), consultant Watson Wyatt Worldwide estimated in a separate report that U.K. occupational pension plans overall were underfunded by an estimated L70 billion ($109.35 billion) at the end of July.
In its study of U.K. pension plan funding, Watson Wyatt sought to examine the impact of a controversial new accounting rule, Financial Reporting Standard 17, that will take effect next year. Under FRS 17, U.K. companies must list on their financial accounts any pension funding surplus or deficit they face. Watson Wyatt determined that, had FRS 17 been in effect this year, companies on the FTSE100 index in the United Kingdom...
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