Accountants Report Growing Pension Scheme Enquiries

Tue, 12 May 2009

Accountants across Britain are reporting a rise in the number of companies seeking help with their pension schemes, according professional services giant PricewaterhouseCoopers (PwC) .

Research carried out by the ‘Big Four’ accountancy firm revealed that more and more UK organisations are becoming insolvent as the economic recession deepens.

Its findings showed that just under 5,500 UK businesses collapsed during the first quarter of 2009, with those operating in the construction, retail or manufacturing sectors faring the worst.

PwC added that in order to prevent insolvency, a growing number of businesses are being forced to restructure their operations, leading many to seek financial advice on their pension plans.

Jonathon Land, a partner at PwC, said: "We're seeing an increasing number of companies asking for an employer covenant review, in other words an assessment of their ability to support the pension scheme, to share with trustees - particularly in distressed restructuring cases."

"This is a powerful tool which helps companies and trustees to reach a negotiated deal," he added.

PwC recently announced that it had recruited 125 new graduates in the UK, with just under half being given roles within the firm’s financial services operations in London .
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