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“The Lady Doth Protest Too Much, Methinks”
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Date: 12th Feb 2007
LTU today responded to the accusation of scaremongering over the findings of the independent report it commissioned from leading actuaries Hymans Robertson into the state of the pension scheme deficit from Helen Weir, the Group Finance Director.
Assistant General Secretary, Mark Brown said that “If it’s scaremongering to publish two independent reports from a respected firm of Actuaries which point to the fact that the pension deficits in the No 1 and No 2 Funds could be much greater than anyone expected then we are guilty. It is better to be accused of scaremongering than burying your head in the sand and hoping that the issue goes away.”
The Union also reported research from Standard and Poor’s, the ratings agency, which has suggested that some of Europe’s largest Banks are failing to recognise the full extent of their pension fund liabilities, despite the introduction of international accounting standards. A director of S&P said: “Pensions are a serious risk on the books of these banks - not that different from other risks they are managing. We want this risk to be managed and disclosed to the outside world.”
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