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Survey Report

Pensions in FTSE 350 companies’ accounts

Retirement
N/A

July 30, 2019

Defined benefit pension schemes and their impact on company accounts at 31 December 2018.

Defined Benefits pension issues were seldom away from the headlines in 2018.  Notably, after 28 years of uncertainty, the Lloyds judgment on 26 October 2018 confirmed that schemes must equalise benefits between men and women where differences arise from the statutory calculation of Guaranteed Minimum Pensions (GMPs). For companies reporting their financial accounts at the end of 2018 we can see the first estimates of the impact of ‘GMP equalisation’ on pension liabilities.

In addition, the report highlights key trends within the FTSE 350 including:

  • The status of DB plans and pace of closure to future accrual
  • Schemes’ funding positions and the drivers of change
  • The interaction between dividends and deficit contributions.

About the Survey

This is the eighth report discussing the impact of defined benefit pension schemes on company accounts.

This report is based on the published disclosures of 102 FTSE 350 companies with DB pension liabilities reporting at 31 December 2018 (comprising around 75% of all FTSE 350 DB pension obligations). Where we examine trends over time, we compare to companies reporting at 31 December in prior years.

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