Financial Services Authority, London, Britain's securities regulator, may close its L148 million ($229 million) pension plan because of a L31.5 million deficit and the possible implementation of the new British accounting standard FRS 17, which would increase the amount of the shortfall.
"We have initiated a staff consultation process and we are considering various options in how to deal with the deficit ... one of which would be closing the scheme, which is also being considered by thousands of other companies," said Robin Gordon-Walker, authority spokesman. Other options including introducing a hybrid scheme or simply increasing contributions.
