Eight out of 10 employers with DB schemes could be hit with additional cost in their next accounts because of pensions equalisation, a consultancy has warned.
Employers will be hit with extra costs as they must reflect the cost of equalising contracted out benefits in their company accounts, XPS Pensions Group warned.
Defined benefit (DB) scheme members who contracted out are set to receive millions of pounds in back payments after a landmark ruling in a case brought by the trustees of Lloyds Bank’s DB schemes this summer.
XPS Pensions Group PLC (LON:XPS) operates as an employee benefit consultancy firm. The Company offers pensions actuarial, administration, compliance, and advisory services. Following their merger of Xafinity and Punter Southall in January 2018, XPS Pensions Group became the largest purely pension consulting and administration firm in the UK.
