Charities ''facing pension funding shortfalls''
Date posted: 11 Sep 2009
Some of the UK''s leading charities could be facing pension funding deficits of up to £600 million, it has been claimed.
Speaking to the Third Sector, director of actuarial services at Alexander Forbes Colin Mouque explained that the situation may even be worse than the financial services firm has estimated.
He told the website: "The situation may be worse than we have estimated because the standard calculations used to work out pensions liability are based on corporate bond yields, which are unusually high at the moment.
Some of the UK''s leading charities could be facing pension funding deficits of up to £600 million, it has been claimed.
Speaking to the Third Sector, director of actuarial services at Alexander Forbes Colin Mouque explained that the situation may even be worse than the financial services firm has estimated.
He told the website: "The situation may be worse than we have estimated because the standard calculations used to work out pensions liability are based on corporate bond yields, which are unusually high at the moment.
"If those dropped, the shortfall would be greater."
The predictions have been made shortly after the Times reported that one of Britain''s largest unions, Unison, could be facing a pension deficit of at least £120 million.
Speaking to the newspaper, an official pointed out that it was only a year ago that the union launched a massive campaign to protect local government pensions.
Click here to email or call on 01223 225237.
Associate
Our team work with a wide range of charities and other not-for-profit organisations including local authorities, national and international charities and government bodies.
Learn more...
