'£40 million shortfall' in solicitor pension fund
The Law Society is facing a £40 million shortfall in its closed final salary pension scheme, it has been reported.
Trustees for the scheme say the amount is needed to account for a £71.8 million deficit, adding to the £67 million already paid since 2005, reports the Laywer.com.
Law Society chief executive Des Hudson said it had not yet been agreed where and how the payments will be made.
He said: "Also, we expect that what needs to be paid in will be substantially higher - around £60m to £65m.
"We want to make sure the scheme is properly funded and to do that we need to strike the right balance for what is right for the pension members and the interests of the people who in fact foot the bill - solicitors."
The Law Society, founded in 1825, represents solicitors in England and Wales and is almost entirely funded by members of the legal profession.
Wesleyan for Lawyers provides specialist financial planning tailored to legal professionals
Utilities
Related News
- '£40 million shortfall' in solicitor pension fund
03 July 2008 - Annual insurance policy 'more beneficial' for frequent travellers
29 April 2008 - Lawyers 'should expect an interest rate cut'
05 February 2008 - Lawyers 'need to be clever' when it comes to personal finance
28 January 2008 - Lawyers will find a better financial solution with critical illness insurance
16 January 2008
Wesleyan Assurance Society is authorised and regulated by the Financial Services Authority. Incorporated by Private Act of Parliament (No.ZC145). Advice is provided through Wesleyan Medical Sickness, Wesleyan for Teachers, Wesleyan for Lawyers and Wesleyan for Professionals which are divisions of Wesleyan Financial Services Ltd. ("WFS Ltd.") WFS Ltd. is a wholly owned subsidiary company of Wesleyan Assurance Society. Registered No. 1651212. WFS Ltd Head Office: Colmore Circus, Birmingham B4 6AR. Telephone: 0845 351 2352 Fax: 0121 200 2971. Telephone calls may be recorded for monitoring and training purposes.