Financial Services Industry
Industry: Email Alert RSS FeedNews: KPMG appeals ruling on pension scheme.
Pensions Week, October, 2004
KPMG is appealing a High Court ruling over the definition of its pension scheme, which could see it doll out GBP71m to plug its pension deficit.
The High Court ruling earlier this year determined that KPMG's GBP348m pre-2000 pension fund is a defined benefit (DB) scheme, which means it is responsible for the scheme's GBP71m fund deficit, yet KPMG is arguing that it is a defined contribution (DC) scheme and therefore not responsible for the debt (PW 9.8.04).
KPMG has put forward a GBP13m cash injection to augment members' benefits in its pension scheme if it wins the High Court appeal. Otherwise the money will be put towards the pension deficit.
A spokesman at KPMG said: "The ruling that the scheme is a defined benefit scheme is incorrect."...
Brought to you by CBS MoneyWatch.com
- Best- and Worst-Paid College Degrees
- 6 Things You Should Never Do on Twitter or Facebook
- How Much Sleep Do You Really Need?
- 6 Big Myths about Gas Mileage
Most Recent Business Articles
- Multiple criteria evaluation and optimization of transportation systems
- Multi-criteria analysis procedure for sustainable mobility evaluation in urban areas
- A two-leveled multi-objective symbiotic evolutionary algorithm for the hub and spoke location problem
- Multi-criteria analysis for evaluating the impacts of intelligent speed adaptation
- The development of Taiwan arterial traffic-adaptive signal control system and its field test: a Taiwan experience
Most Recent Business Publications
Most Popular Business Articles
- 7 tips for effective listening: productive listening does not occur naturally. It requires hard work and practice - Back To Basics - effective listening is a crucial skill for internal auditors
- FAS 109: a primer for non-accountants - Financial Accounting Standards Board's "Statement 109: Accounting for Income Taxes"
- LIFO vs. FIFO: a return to the basics
- Design a commission plan that drives sales - Sales Commissions
- Too Young to Rent a Car? - 25-years-old the minimum age for car renting - Brief Article
