Pension accounting concerns

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Financial Services > Pensions > News

Pension accounting concerns

Tue, 08 Jul 2008

According to reports in the pensions news, the Department for Work and Pensions could urge the Accounting Standards Board to review changes to the ways in which companies account for pension schemes .

The City has expressed concerns that pension values could be lowered under new plans, causing the Pensions minister to query the ASB over the decisions. Mike O’Brien the pensions minister reportedly commented: "The level of concern about these changes is quite serious."

Fears are that proposals by the ASB could weaken defined benefit pension provision. This type of pension could become even more unattractive when the new legislation comes into place.

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