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New pension rules could cost charities up to £3.5bn more, financial consultants warn

Expected changes to regulation on funding defined benefits (DB) pension schemes will increase many charities’ pension costs, according to Hyman Robertson, a financial consultancy firm.

Writing in the September edition of Charity Finance, Heather Allingham, head of pensions consulting for charities, and Alistair Russell-Smith, head of corporate DB, say that the largest 40 charities in England and Wales (by income) support aggregate DB liabilities of around £9.5bn.

The introduction of long-term funding targets under the rules means that aggregate pension deficits at these charities could increase by a “substantial” £1bn to £3.5bn, they predict.

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