Looking ahead to the 31 March 2019 year-end, most companies reporting are currently looking at a broadly unchanged IAS19 funding position. The average funding level in our most recent survey was 96%, and this is likely to stay around this level.
With the results of the Lloyds Bank case expected next month, GMP equalisation may become a reality for many schemes in the very near future. It is important to anticipate the implications this may have for companies’ year-end accounting.
Following the publication of its annual funding statement for defined benefit pension schemes in April, the Pensions Regulator (TPR) has published further backing analysis which gives greater insight into the key themes from the statement.
Now is a good time for companies with June year-ends to consider how their pension scheme liabilities will affect their balance sheet - despite recent falls in equity markets IAS19 funding levels are likely to have held up reasonably well.
Our latest survey on accounting for pension costs by FTSE100 companies shows schemes have made little progress towards reducing deficits over 2014. Employers should start planning now for whatever 2015 might hold.
The continuing fall in corporate bond yields is likely to lead to a significant increase in pension schemes’ accounting liabilities.
The new accounting standards issued by the Financial Reporting Council, mandatory for accounting periods commencing on or after 1 January 2015, will impact every university.
The latest version of our Current Issues in Pensions Financial Reporting newsletter has just been released and it gives some interesting considerations for company directors for the end of Q3 2014.
IFRIC 14 amendment will clarify the treatment of pension schemes where there is a surplus on the IAS 19 accounting basis but no future accrual of benefits.